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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Match Maker and Mortgage Saving Tip

1. Connecting those in need and those who can give
– My job in real estate is really about matchmaking
– I match buyers to sellers, sellers to buyers, buyers to homes, mortgage officers to potential buyers, contractors to homeowners, etc
– I would like to use this ability to connect people
– If you are in need (needing side or part-time work)
– If you are healthy and have the capacity to share, let me know
– In short, I can help connect those who are in need of help and those who can give help
– I believe in critical times like this it is important to help each other out so we can do well in the long run
– On that note, I’m thinking about what I can do
– I’m thinking about business opportunities like expanding my business and hiring contractors or maybe ordering takeout at restaurants to keep them going
– I think helping, even in small ways, really matter
– It’s better to stay at home but I know there are people that don’t have a choice. So stay safe.

2. Real Estate Update, Mortgage Saving Tip
– As of today, buyers are still buying and sellers are still selling. The market is moving.
– The interest rate is still at mid 3, 3.5% for the earlier loan
– I don’t know what’s going to happen in the next few months, but I think it all depends on how fast they’re going to control this pandemic
– If you’re paying about 4.3% or more on your mortgage interest and you’re going to stay in the home for more than three years, this might be a great time to consider refinancing your home
– It’s going to save you hundreds of dollars every month
– There are great programs out there that will give you long term savings.