Portland's real estate market has had a "slight" cooling for 2017. The weather has been much cooler and wet through mid-March, and things don't typically pick up until the Spring-like days arrive.
There has also been a slight rise in the inventory of homes for sale over the past couple of months, and the number of homes sold between January and February are down 4.5% from the same period last year. Admittedly, I haven't wanted to be outside much either. Spring is just around the corner with brighter days ahead!
The average price of a Portland home is currently $407,000 - an increase of about 13% over the past 12 months. Market reports suggest a rise in prices of about 3% to 5% for 2017.
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Best Months to Sell A House
"May & June" are the magic months to list a house. Everyone selling wants it over quickly, for as much money as possible. According to a new Zillow analysis, listing a home toward the end of Spring significantly increases a seller's chances of making this happen.
The low supply of homes for sale has also pushed the ideal window later in the Spring. Many buyers who start their search early may have already made multiple offers. By June, some of these buyers will be anxious to avoid more disappointment or eager to get settled into a new home before the next school year - and may be willing to pay a premium to close the deal. All in all, the longer, brighter, warmer days bring out more buyers and more money for sellers.
Thinking about Selling? Please call me. I've got the experience you can trust.
Fed's Raise Key Interest Rate - What This Means For You
The Federal Reserve raised its short-term interest rate by a quarter percentage point - a third rate increase since December 2015. Consumers with credit card debt, adjustable-rate mortgages and home equity lines of credit are the most likely to be affected. People thinking of a new car may also see a slight rise in their borrowing rate. This short-term rate increase shouldn't have much of an impact on 30-year fixed mortgages predicted to remain around 4.5% in 2017.
Hope this helps.
Call me when it’s time to buy or sell a home. I’ll work hard for you!
Darin Provost, Broker
Portland Digs Real Estate