The housing market the past few years has been a whirlwind and experts say 2022 is likely to follow a similar cadence. Mortgage rates and home prices are beginning to climb again, but so is home inventory, and with more people moving to the suburbs, the search area is expanding. Read on for the full forecast!
Competition in Portland
In 2021, 49.9% of homes sold above list price, and the total active listings in the Portland Metro area are expected to begin slowly rising. The average sale price for the Portland Metro Area was $582,900 and the median sale price was $511,00 in December 2021. While the Portland market remains competitive, buyers can take comfort in the fact that there are fewer competing offers than there were in 2021. All of this is to say prospective buyers need to arm themselves with a great realtor, manage expectations, and be patient.
How hot is the Portland housing market? Redfin gives it a score of 49 which is Somewhat Competitive. The average homes sell for about 2% above the list price and go pending in around 14 days. Hot properties sell for about 5% above the list price and go pending in around 5 days.
Suburbs are the place to be
As the pandemic continues, many Americans no longer need to live near the office and are continuing to seek homes in suburban areas. This means locations like Beaverton, Tualatin, Milwaukie, and more are becoming hotspots.
Waiting could cost you
With mortgage rates expected to rise 3.6% by year’s end, experts say now is the time to strike. Just last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years! Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Working with a real estate agent can help you assess your needs and budget and get you prepared to take action when you find a home that meets your needs.
Published on 2022-01-21 16:56:52