Spring Market Heats Up

Happy May!

The spring real estate market continues to accelerate in parts of the Portland-metro area. We are seeing the needle move a little bit more in the direction of a stronger seller’s market. You can see the month-over-month and year-over-year stats in the graphic below. Notably, increased listings, pending sales and closed sales. Some of this is due to the seasonality of real estate, but the YOY stats indicate a more active market than this time last year. However, this can vary from neighborhood to neighborhood. For a detailed look at your area, just reply to this email and we’ll send you some info.

Interest rates have crept back up again and are currently around 7.16% for a 30-year fixed rate loan. Previously forecasted rate cuts continue to be put off by a more-resilient-than-expected economy.

Industry changes are coming this summer. Written agent-buyer agreements will be required starting August 17th. These must be in place before touring a home with your real estate agent. Real estate mega sites like Redfin will likely adapt to this with an automated process. Our caution to you - beware of clicking, and pay close attention to what you are agreeing to. We don’t want to see you get in a situation where you end up unwittingly signing your allegiance to an internet agent you barely know. Relationships and trust are the bedrock of a solid client-agent partnership. If you want to see a property, don’t hesitate to call us. We are always happy to take you.

Cheers,

Nic, Andrea + the NW Real Estate Brokers Team