The past five years have been a challenge for home buyers here in the Portland area and across the entire U.S. Inventory has been almost nonexistent which has resulted in bidding wars and disappointment for many home buyers. One of the major contributing factors to this lack of inventory has been that current homeowners were afraid to list their home for sale because they were concerned they would not be able to purchase their next home.
Good news … after multiple years of declining inventory, we’re starting to see more listings come to market! This increase is due to increased new construction and more importantly, current homeowners are more confident that they can find the home they want and are willing to list and their home for sale. Inventory has moved from a low point of 1.6 months in March to a high for the year of 3.1 months in September.
This additional inventory combined with the fact that interest rates seem to be leveling out means that 2019 could be a good year to buy a home. Let’s get together and chat to see if we can find your next home.
Happy New Year!