By Lily Ray Wyss, July 25, 2022
Well, it certainly feels like everything has led up to this.
We have talked about a shift for a while but now it’s looking pretty real. While no one is claiming that we have shifted into a buyers market by any means we have seen some fairly dramatic changes in the market in the last few weeks.
Mainly demand from buyers hitting pause.
With higher interest rates, and economic uncertainty many buyers have been hesitant to make moves. Creating a pretty significant slowdown in motivation and interest.
BUT if you are thinking of selling your home and are freaking out reading this, or if you ARE an active buyer and wondering if you should be pausing too, here is what I will say.
Part of the reason we are seeing a slow down is that we are actually getting back to some semblance of normalcy in the market.
Pre-pandemic before everyone had nothing better to do than scroll Zillow and put all their extra funds towards a downpayment instead of going out to eat, we had seasonality in the market.
So with people getting back to their active lives, now that the warm weather has arrived, many folks are focused on summer vacations instead of house hunting.
Which is NORMAL.
So with that being said while we are seeing the market changing some, is it sign that we will see a market crash as we head into a possible recession? That’s highly unlikely.
In my opinion, while rates saw a sharp increase, it won’t take long for most buyers (those who can still afford to buy) to get used to it. Rates were artificially lowered during the pandemic, so rates of 5.5-6.0 are not that abnormal.
In my over five years in real estate, at multiple points that range of rates was seen as normal or even competitive. It really all comes down to perspective and relativity.
My prediction is that come September both buyers and sellers will get their heads in the game again and we will see the market get back to its regular pace.
Meaning more listings to the market and buyers with greater focus and motivation.
Looking for more? Watch the video above for all things Portland Real Estate!
Want to discuss your home buying or selling needs? I’d love to chat.
Lily Ray Wyss
Broker | OR
She/Her
I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home.
Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
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