September Market Update — Portland Metro Area
The latest real estate stats are out for the Portland Metro Area, and they show a steady market with prices continuing to slowly climb. Homes are selling at a slower pace, but we still have a lack of homes for sale, leading to plenty of competition on good homes.
What's it mean for buyers?
It’s been years since we’ve had so many homes on the market relative to the number of buyers out there. If rates continue falling, especially into the 5% range, many people expect a flood of buyers to enter the market, so now would be a very smart time to look hard for a good deal while competition is not as fierce.
What's it mean for sellers?
While homes are selling at a slower pace than a few years ago, we’re still seeing a lot of activity, with many homes selling in the first week. There’s still a lack of homes for sale, so anyone thinking of selling should get an estimate of value to decide if it’s smart to sell now instead of waiting, at which point there could be a lot more competition.
