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Homes are selling and money is cheap!
We currently have 6.2 months of inventory which is the beginning of a buyer’s market – there are about 16,000 homes on the market in Portland metro. Rates are at their lowest in 4 years and it’s a great time to borrow money. All this being said the median home price is still going up – about 8% over last year. Well priced homes still sell quickly with about 50% of well priced homes selling in the first 30 days. Average time on market is just under 50 days which tells us that the amount of listings is due more to people cashing in on appreciation rather than people not buying. Homes are selling and money is cheap!

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We’ve been very lucky here in the great NW that our local real estate markets are bucking the trend of the rest of the nation. Yet, because of the National lending problems the Federal Reserve has lowered rates. Rates have just dropped to the best interest for mortgages in the last 2 years! There are rumors of rates falling even more which is great news for people with Adjustable Rate Mortgages [ARMS] who will need to refinance in the near future. This Fall and Winter are shaping up to be a GREAT time to buy!

As of this last Friday rates were down to 6%

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