By
Katie Bain
PORTLAND,
Ore. – Thanks to the recent shocks that the Chinese and U.S. Stock Markets have
seen many people are starting to wonder what’s in store for the second half of
2015 and asking question like “are we going to see another Real Estate market
correction?” or “is the bubble finally going to burst”?
In
this article I will answer some of these pressing questions so you can have a
clear idea of what you can expect from the Portland Oregon Real Estate Market
for the remainder of 2015 and beyond.
Steady Mortgage Interest Rates
Although
the crisis in Greece raised mortgage interest rates slightly to 3.95 % for a
30-year fixed mortgage loan, the reality is that mortgage interest rates have
hovered near 4 percent all year long and with summer winding down it doesn’t
look like we will see big increases in mortgage interest rates anytime soon.
Inventory Remains Limited
Yes,
it’s getting easier for individuals and families to get mortgage loans these
days but the reality is that with inventory remaining in short supply across
Portland and surrounding communities, it’s still hard for many home buyers to
purchase a home. With more buyers than
sellers in the market, there are often multiple bidders on bidding on the same
homes.
Simple Solutions to the Problem
Let’s
say that you’ve qualified for a mortgage loan but you can’t find any properties
to bid on in Portland or when you do finally bid on a property you’ve been outbid
by others.
What’s
the solution to finding more home inventory in Portland to bid on?
1.
Search through expired listings because these are homes which were
recently on the market but their listings were cancelled for different reasons.
2.
View for rental listings in Portland because, you may be able to
find an owner who has been thinking about selling their property.
3.
Act quickly when you find listings which match your criteria
because, those homes could sell quickly.
4.
Drop some of your contingencies when bidding on a home.
5.
Be ready to offer some great incentives to the owner of the home
that you bid on such as free 30-day rent back.
Learn More about the Portland Real
Estate Market
To
get started with finding a Portland Oregon Home contact me, Katie Bain, Realtor
® with EquityPoint Real Estate by calling me a (503) 595-8800 or click here.