October Market Update — Portland Metro Area
The latest stats are out, and the Portland Metro Area is still seeing a low number of total sales due to many people not selling their homes because of high interest rates. Prices seem to have stabilized after declining for much of the year, and if rates start to go down (as many experts expect) we may see prices start increasing into next year.
What's it mean for buyers?
We are usually cautious with our advice, but right now we want to be clear : if you are thinking about buying a house anytime soon, now is the time! Prices are flat, interest rates declined last week, & experts think rates will decline into next year, bringing more buyers into the market. Right now could be the best opportunity to buy a home in the coming years, so consider starting your search today.
What's it mean for sellers?
There is still a record-low amount of homes for sale, and there are buyers out there. Good homes that are presented-well and priced-appropriately are moving, meaning it is still a good time to sell your home. Rates are expected to go down a bit into next year, so early 2024 could be a great time to sell. Connect with us today so we can help you make a plan to get your home ready.
