I hope you’ve had a happy holiday season and I wish you a happy new year. From the Quinn Stewart Real Estate Group, thank you from the bottom of our hearts for letting us serve you. We’re honored to help you with all of your buying, selling, and/or investment needs.
As we enter 2020, there are a few factors we’re keeping an eye on to see where the real estate market goes.
“Demand is high, there is a lot of cheap money to borrow, and prices are steady.”
1. Inventory is low. Over the last year, we’ve seen a shortage of inventory, especially in the lower price points that many first-time homebuyers are trying to enter. The average sale price in Portland has climbed a lot over the years, and it’s currently hovering just below $500,000. This means that, as a whole, it’s tough for these buyers to find affordable homes in Portland. Many pockets in our marketplace simply don’t have a lot of inventory.
2. Interest rates are also very low. As of the recording of this video, they’re sitting at 3.625% for a 30-year conventional loan. This is a very healthy rate, and it’s keeping buyers’ buying power strong.
So, demand is high, there is a lot of cheap money to borrow, and prices are steady. This makes now a great time to buy or sell. Portland has experienced a population boom recently due to our growth in industry and our attractive lifestyle.
If you’re thinking of buying or selling in 2020, don’t hesitate to reach out to us. We’d be happy to review your situation and help you achieve all of your real estate goals. We look forward to hearing from you!
