What’s the latest news from our Portland metro market? Inventory is low, which means we’re still in a seller’s market. Since the start of the year, prices have gone up as well. This is good news for sellers, but what about buyers? To find out more, watch this short video. Learn More:
Looking to buy a home in the Portland Metro area?
Looking to sell your Portland Metro home? Find your home's value at:
Check out the RealTour Properties website: www.realtourproperties.com
Hey Aaron Heard here at Keller Williams Portland Centrals RealTour Property Group. Today we're going to give you an update on the Portland metro area’s Real Estate Market. I get asked all the time if we're in a buyer's market or seller's market. Today, I'm going to tell you that we're in a seller's market. we're at 2.8 months of inventory and what that means is that, based on the rate of sales that we have in our Marketplace, if we stop putting homes on the market, ultimately in 2.8 months there would be nothing left for sale. Six months is a balanced Market which is what the National Association of Realtors (NAR) claims to be neutral. Now, further away you get from 6 months towards 0 months is a seller's market and the further above six months like, 7,s 8, 9 months of inventory is a buyer's market. So at 2.8 month she can see that we're naturally in a seller's market.
Okay so how is that impacted our pricing, well this year we started the year with an median housing price of $400,000 and currently our median housing prices $410,000. So, in a seller's market generally seeing you'll see prices go up. That’s not bad.
When you're looking to purchase a home, negotiating in a seller's market there’s many strategies to get you a great deal. We would love to talk to you about that. On the buyer side interest rates are incredibly low right now, still under 4%! Of course we will consult with a local lender to make sure that you do get the best interest rates.
So let me tell you, if you're looking to sell you want to sell at the most amount of money and, timing the market at the peak is very challenging to do, though based on what we're seeing we're up there. It is really great timing.
As a buyer with interest rates incredibly low right now, don't run the risk of waiting and allowing those interest rates to increase. You see if interest rates increase just buy a half of just 1 percent just a small percentage point that will reduce your overall purchase-ability by 5%.
On a $400,000 home, you can do the math is pretty significant ($20,000.00) so if you're looking to buy, now is a great time to take advantage of these great interest rates, and if you're selling don't try to time the market perfectly, net the most amount of money and let's move on to accomplish your goals.
If you have any questions about any of the stuff that we talked about today in this video, feel free to give us a call at any information below we're happy to help, It’s our pleasure
503-890-4527
Aaron@RealTourProperties.com
0 Comments