I could be wrong on this because nobody can predict the real estate market, but this summer, fall and winter of 2022 might be the best time to buy real estate in the Portland Metro Market for the next 2 years. Here are the key factors why I’m sharing this with you:
- High mortgage interest rate: But utilizing 2/1 buy-down loan programs can lower the payment for the first or up to the second year, with a plan to refinance if the rate comes down around year 2024.
- Highest sellers’ motivation to sell:
- Very abrupt home price cooling due to the interest rate hike earlier this year, the number of listings with price reductions is the highest I’ve seen in the last 5-6 years. So price adjustment/price correction is happening as we speak.
- Some sellers are offering seller concessions (seller credit) toward buyers’ closing costs and/or prepaid (tax, insurance) and now rate buy-down as well.
- Increasing number of homes for sale = More choices of homes for the buyers.
- A lot less buyers in the market, which means a lot less competition to buy. No need to bid $100k over asking price like in 2021 and the beginning of 2022.
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