Real estate agents in Portland report low inventory and high mortgage rates going into the summer. There is a shift from last year as buyers are becoming more serious and are concerned about buying a house in Portland due to taxes. Some mortgage lenders are encouraged by cooling inflation rates and a resolution on the debt ceiling. This is expected to drive down mortgage rates, which are currently averaging around seven percent. Both realtors and mortgage lenders agree that if a home is priced right, it will sell in the current market, with most listings selling in two to six weeks.
In light of the recent report by real estate agents in the Portland metro area, inventory is still low and mortgage rates remain high as we head into summer. This news comes from a report by KATU News, which highlights the current state of the housing market in the region.
Ilyse Ball, a realtor with Oregon First Realtors, has noticed a shift from last year. She says that typically, the market slows down after Memorial Day as people enjoy the beautiful Portland weather. However, this year, Ball has seen more listings come on the market than usual during this time of year. She also notes that the buyers who are out there are serious about purchasing a home.
Despite this, Ball has also noticed that more buyers are voicing concerns about buying a house in Portland. Many are looking to avoid some of the taxes that affect Multnomah County and Portland specifically. As a result, they are looking to buy homes outside of the county.
Mortgage lenders are also keeping a close eye on the market. Some have said that they are encouraged by cooling inflation rates and a resolution on the debt ceiling. Tim McBratney, a mortgage lender, anticipates that this will drive down mortgage rates, which are currently averaging around seven percent. He expects rates to drop to the low sixes and perhaps high fives in the next month or two.
However, this could lead to bidding wars, as McBratney has already seen in the current market. He believes that if rates drop, more home buyers will be looking for homes, leading to an even more competitive market.
Despite this competition, both realtors and mortgage lenders agree that if a home is priced right, it will sell in the current market. Ball notes that most listings are selling in two to six weeks.
The current state of the housing market in Portland is reflective of the larger trends seen across the country. Many areas are experiencing low inventory and high mortgage rates. However, as the economy continues to recover, experts predict that the market will eventually balance out.
In the meantime, those looking to buy or sell a home in the Portland metro area should work with experienced professionals who can help them navigate the current market conditions. With the right guidance, it is still possible to find success in the current real estate market.