Is this one of the best timeS to buy? Summer of 2022 Real estate market update

Summer of 2022 Portland Metro Overall Market Youtube Shorts Update

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:

  1. 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.  
  2. 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. 
  3. Increasing number of homes for sale = More choices of homes for the buyers.  
  4. 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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Hillsboro gets Microsoft engineering hub | Portland Oregon

According to the Portland Business Journal, Microsoft leased an 85,000 sqft space in Hillsboro, Oregon at 9800 NE Gibbs Drive, between Intel and Nike. I think this is great news for the Portland Metro local economy and its housing market. Maybe too good of news since the market is already super hot. Many workers are working at home due to COVID 19, so moving to more affordable cities makes a lot of sense. Portland, Oregon is relatively much more affordable than San Francisco, New York, Los Angeles and Redmond (Microsoft HQ). With increasing commercial space vacancies and better lease rates to be negotiated, it makes sense for companies to move some of their talent to more affordable cities in 2021.

Linked In article by Selim Bilgin
Microsoft job opening in Portland Oregon