The market changes a bit
Over the last several months, concerns over inflation have led to an increase in home loan borrowing rates. According to state economists, this increase has led to the number of local homebuyers who can afford the median priced home to be reduced by 168,000 or nearly half.
Up until recently, this has had minimal impact on the inventory of homes available on the market. At the end of May, the average home stood on the market for 1 month in the Portland area, within the range we've experienced since mid-2020. As we near the end of June the number is 1.6 months, an increase not typical of the month of June.
However, each area and price range within the metro area varies substantially. As each area and price range differs in demand, each individual property varies as well. What do these statistics mean to you as an individual? It depends. The current market environment is just one factor to consider when an individual is considering selling their home.
As is always the case, each individual should carefully evaluate their own price, preparation, and presentation strategies. The assistance of a professional mindful of the changing market can add the process to bring those factors together.
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Lake Oswego, OR 97035