If you’re watching mortgage rates as closely as I am, you saw mortgage rates fluctuate nearly .75% in the month of May. At one point they even dropped below 7% for the first time in quite some time. This may not seem like a lot, but if you take the average home price in Portland, $591,200, that’s a difference of $300 or more per month in payment.
As your trusted advisor, I wanted to give you some real talk. The market is still tough right now, and while rates will make a temporary drop, they always seem to go back up. From what I can tell, this appears as though it’s going to continue for a while.
So, why am I telling you this? I want to make sure you are always up to date on what’s going on in the real estate space. I am seeing opportunities out there, but you have to be diligently watching and ready to move quickly.
I wish I had a crystal ball full of better news, but what I’m seeing is that this will be the market for a while. If you need to make a move, and can afford it, we should be looking now. I don’t see there being a crash either, so this will just be the market for a while. However, if you’re in a great spot and can’t afford to move, hunker down and I’ll let you know when things change.