Newsletter

CELEBRATING 25 YEARS!
The African American Alliance for Homeownership (AAAH) will celebrate 25 years of hosting one of Portland’s first Annual Homeownership Fairs on Saturday, October 26, 2024. The event will offer a $25,000 down payment assistance grant to one lucky fair goer as well as door prizes.

July had a slight drop in the number of homes coming to market, which is normal for this time of year. Interest rates have also continue to drop. Great signs there are more homes coming to market this fall.

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.