March Market Update — Portland Metro Area
Last month’s stats showed a market that keeps chugging along despite high interest rates. Sales and sale prices continue to trend upward, and thankfully we are seeing more listings than we have been, meaning there are more choices for buyers than we’ve seen for a while. It could be that some sellers are realizing that they can’t wait until rates come down to list their home. It still feels like the calm before the storm—experts now expect interest rates to drop in the second half of the year, which will likely lead to a flood of buyers in the market (see Barbara Corcoran’s quote below—yikes!).
What's it mean for buyers?
We saw a jump in the number of homes for sale, meaning more choices for buyers. Anyone thinking of buying this year should look hard right now, since the expected rate cuts this year will likely lead to higher prices (guru Barbara Corcoran recently said when rates drop, “all hell’s going to break loose” with prices shooting up as much as 20%).
What's it mean for sellers?
Prices continue to creep up, but the inventory of homes for sale has grown dramatically. We could see a frenzy of buyers in the market during Spring and Summer, which are typically our busiest selling seasons, with higher prices than the rest of the year. Anyone thinking of selling this year should be talking to their real estate agent now to make a plan to get ready for the market.
