Economists who focus on the housing market are anticipating a more balanced market this year, reports RISMedia . Home prices are just starting to level off, and softening a bit in our area following the frenzied seller’s market of the past few years. Unfortunately, mortgage interest rates are beginning to climb, which will affect the housing affordability factor for many would-be buyers.
First-time buyers will continue to dominate the real estate market, accounting for an estimated 45 percent of all new mortgages in the coming year, says the National Association of Realtors®. Many millennial’s have savings for their down payment in the bank and are eager to purchase their first home, but the shortage of resale properties continues to limit their buying options.
Wherever the balanced market leads us, home buyers primarily want to know how much their monthly mortgage payment will be and if they can afford it. If you’re planning to buy a home this year, what matters most is focusing on your local market and your housing needs. Typically, the majority of home buyers decide to act because of the timing in their lives, not necessarily the timing in the marketplace. I’m encouraging all of my clients who are thinking about selling, buying, or both. The market in the Portland-Metro area is already starting to see some “softening” and change in prices and market time. Call, email, or text me for more information about your home and neighborhood and how to get started.
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Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, Diversity Specialist-HOWNW, Earth Advantage Broker, MASTERS CIRCLE, CSA-Certified Staging Agent, Oregon First, Washington First
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