Wednesday, February 22, 2017

Will Prices Stabilize in 2017?

We have one of the lowest inventory levels in the country. What does this mean for buyers and sellers?

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A very recent report came out stating that Portland was No. 8 on the list of the worst sufferers of the housing crunch nationwide. Seattle was ranked No. 1. Guess who was No. 2? Eugene, Oregon. It may be hard to believe, but it’s true. Here in Lane County, we’re down to just 1.7 months of inventory.

This means if no new listings came on the market, we would be out of homes to sell in under two months. This has stressed the rental market as well.

As a result, prices in Lane County have risen about 8.3% in the last year. This is good news if you’re a seller, but not so much if you’re a buyer. The question is, will it continue? The real estate gurus say it will, at least for the next year.

If you’re on the fence, it’s time to get off.

Interest rates are also expected to climb up to 5% by the end of the year. This will increase the cost to buyers and cause fewer of them to be out in the market. We have been spoiled for the last decade with these incredibly low rates. Even if we do get up to 5%, that’s still a historically low number.

What does this all mean for you? If you’re on the fence about buying or selling, it would benefit you to act sooner rather than later.

If you have any questions for us or are interested in buying or selling, give me a call or send me an email. I’d love to send you a copy of my book “Moving Forward” which contains the 25 essential rules for buying and selling. I look forward to hearing from you.

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