According to reports’ interviews with real estate professionals in the Portland area, inventory and mortgage rates are low heading into the summer. Oregon First Realtors’ Ilyse Ball has noticed a change over the past year.
“It usually slows down after Memorial Day, kind of through July and August, because people are out enjoying the beautiful Portland weather. I feel like we’re starting to see that again this year.”
“I do think that the buyers that are out are very serious, and actually, I’m seeing more listings come on the market than we normally do this time of year,” as noted by Ball.
Ball has heard more buyers complain about the Portland real estate market. “I’m seeing people want to be outside Multnomah County, in many instances. They’re trying to avoid some of the taxes that affect Multnomah County and Portland specifically,” she said.
Some mortgage lenders have expressed optimism regarding recent developments regarding the debt ceiling and inflation rate. You can see a tweet for the confirmation of the news-
Real estate agents tell me interest rates aren’t scaring buyers off as much as they saw a year ago. They say homes that are priced right are getting multiple offers as we go into summer. pic.twitter.com/TV7Bel1OH9
— Megan Allison (@mallisonKATU) June 4, 2023
Mortgage rates are hovering around 7%, but Tim McBratney expects that to drop. “The market is looking a bit more optimistic. That will bring rates down, and I think by this year.”
“I think in the next month or two or three, we’re going to see rates in the low sixes and perhaps high fives, so let’s hope for the best and hope the market enjoys that nice reprieve,” McBratney said.
According to McBratney, bidding wars are already occurring and will only increase as rates decrease. He predicted, “We do think if we get down into the high fives or mid-fives, that really the market is going to take off, and you’re just going to have that added amount of home buyers out there looking for homes.”
Here are some helpful resources for learning more about Oregon:
- A Woodburn Grocery Shop Shooting Killed One and Arrested One.
- A Camper’s Take on Portland’s Prohibition on Overnight Parking.
Real estate agents and mortgage lenders agree that, in the current market, a home that is priced correctly will sell quickly.
