Mortgage loan interest rates are rising, and are expected to continue to rise throughout 2023. This has had the effect of a bucket of cold water on the housing market. Homes that would have sold in days or even hours a year ago now languish for weeks.

In spite of what you may have heard, this is actually a very good time to buy a home. Interest rates are just one piece of the puzzle, and, though they are higher than we have come to expect over the last few years, they are historically pretty average. If you look at the second half of the equation-price-you will see that this slowdown has had the effect we all hoped for; homes are coming onto the market at a more reasonable price point than last year. In addition, sellers are motivated to bargain and many are offering concessions. A quick glance at listings on sites like Redfin and Zillow will show sellers who are willing to pay down payment and closing costs, removing a significant obstacle to first time buyers.

Talk to our Real Estate Lending Specialist today. Call 503-588-0211 option 4, to learn what we can do to help you get into your dream home.