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Real estate experts see fewer listings, more competition in summer market

Local real estate agents say the market is turning more favorable - Megan Allison KATU photo
Local real estate agents say the market is turning more favorable - Megan Allison KATU photo
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Real estate agents in the Portland metro tell KATU News inventory is still low, and mortgage rates remain high going into summer.

Ilyse Ball with Oregon First Realtors said she is seeing a shift from the last year.

"It usually slows down after Memorial Day, kind of through July and August, because people are out enjoying the beautiful Portland weather. I feel like we’re starting to see that again this year. I do think that the buyers that are out are very serious, and actually I’m seeing more listings come on the market than we normally do this time of year," Ball said.

Ball said she's noticing more buyers voice concerns about buying a house in Portland.

"I’m seeing people want to be outside of Multnomah County, in many instances. They’re trying to avoid some of the taxes that affect Multnomah County and Portland specifically," she said.

Some mortgage lenders said they're encouraged by cooling inflation rates and a resolution on the debt ceiling.

Tim McBratney said he anticipates that will drive down mortgage rates, which are currently averaging around seven percent.

"The market is looking a bit more optimistic. That will bring rates down and I think by this year I think in the next month or two or three we’re going to see rates in the low sixes and perhaps high fives so, let’s hope for the best and hope the market enjoys that nice reprieve," McBratney said.

McBratney said he's already seeing bidding wars, and he expects that will get worse if rates drop.

"We do think if we get down into the high fives or mid-fives, that really the market is going to take off, and you’re just going to have that added amount of home buyers out there looking for homes," he said.

Both realtors and mortgage lenders agree, if a home is priced right, it will sell in the current market.

Ball said most listings are selling in two to six weeks.

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