By Lily Ray Wyss, May 2, 2022
Want to watch instead of reading? You can see the same update, with more info over on Youtube: HERE
Will this real estate market ever shift?
Well, us going back down to 0.7 months of inventory (from 0.8 last month) is not the greatest indicator that we will see a significant change anytime soon, at least this Spring.
BUT I will say changes in the industry and externally could have an effect. Rising interest rates for one can and already have, affected buyers’ purchasing power.
With buyer’s financing power going down, that will in turn create some hesitancy in how much money buyers are willing to throw down on a home, and or just restrict the amount they can offer.
We could see this dampening the huge price increases we have observed over the last few years.
If you are thinking of selling your home, this is certainly something to keep in mind. Yes, demand for your home is and will continue to be high (the average sales price has officially topped over 600k, coming in at $610,900, and sold homes increased 38% with 2,683 homes going to new homeowners) the sooner you sell your home, while interest rates are still historically low, the more money buyers will have to purchase your property.
And if you are a buyer, you obviously will want to keep this in mind as well. While rising rates should help keep prices from skyrocketing it will by no means lower them. So with prices continuing to steadily climb in combination with rising rates, time is of the essence to some degree.
One positive for homebuyers though, while demand is extremely high (pending sales also rose by 24% with 3,045 homes going under contract and days on market decreased to just 25 days), the percentage of new homes to the market continues to rise each month, with 3,456 new homes going live last month, a 37% increase from the year prior.
So while it’s critical to act fast, have clear expectations, and be aggressive, the opportunities are out there. And there are also a lot more opportunities than there were, say a year ago.
This market is full of many intricacies and it takes a great deal of knowledge and cares to navigate it, for both selling and buying. If you are interested in either, I am here to talk!
For more home buying and selling resources head over to Instagram and follow @lilyrayresidential
Lily Ray Wyss
Broker | OR
She/Her
I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home.
Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
Read More
- T: 971-361-6114
- lily@lilyrayres.com
