It’s spring already, and the Portland real estate market is off to a hot start. We only have three months of inventory, and that is down from last month. We’re seeing multiple offers and people are scrambling to win offers on good homes.
Despite some arguments that Portland is caught in a seller’s market, it’s actually a pretty great time to buy a home. Interest rates are around 4%, and affordability is sky-high right now. Nobody is certain when interest rates will rise again, but just a 1% increase in rates could cost you thousands of dollars. For example, just a 1% increase in the mortgage interest rates on a $400,000 home could cost you an extra $85,000 over the life of the loan!
Although this is a tough market for buyers, now is an excellent time to buy a home. Your dollar will push you further than it ever has before. With this being said, it’s also a good time to sell your home and move up into a nicer one.
For more information, click here to check out the fantastic article in the Portland Monthly for April 2015.
If you have any other questions about the Portland real estate market, please don’t hesitate to contact us!