What do our current interest rates mean for the market’s health? Here’s what I think.
Here’s something I’m sure you’ll all be excited to hear: Interest rates are at a 14-month low.
Our current rates are great, and they’ll have a beneficial impact on our spring market. It all comes down to affordability. In the Portland and Southwest Washington area, our market has been down year over year. But since rates have decreased and are expected to stay low, there’s great news for buyers and sellers alike.
Though we’ve seen a 10% decrease in affordability recently, I believe we’ll get it back thanks to low rates. Overall, these rates will definitely do us a favor; homebuyers will have more inventory to choose from, and sellers will still be able to make some great sales.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.