We are halfway through the year, so it’s time for an update on our June 2018 Portland real estate market. This is an important time of year where we typically see things start to change.
This year is no different. In fact, we are seeing a pretty significant change happen right now. While our market continued its surge of activity during the first two quarters of this year, things have let up a bit recently.
Most people think that this is when the market starts to heat up, but we have actually been cooling off a little bit in June for the last few years. Right now, we have the highest inventory levels we have seen since 2014. This tells us that the home buying market isn’t quite as competitive as it has been in the last few years.
“Anything under $425,000 is still selling extremely fast with multiple offers.”
The first-time homebuyer price point (anything under $425,000) is still seeing crazy high prices and multiple offers, but for the rest of the market, we are definitely seeing a bit of a cool off. Honestly, that is to be expected after some of the crazy runs we have seen over the last few years.
Another thing that is causing this cool-down is the slow increase in interest rates. We have been spoiled with crazy low rates for so long, and they are starting to creep up slightly. They will be bumped up over the next few months at least a few more times. This is going to affect affordability and buying power, which will cause even more significant changes for home sellers. Do not be surprised to see even more of a shift as the year progresses.
All of this means that if you are looking to buy and sell while interest rates are low and demand is still high, now is a great time. Give us a call or send us an email today and we will help you out in any way that we can.