Wednesday, August 17, 2022
Home Real Estate Portland realtor discusses what rising interest rates mean for local buyers

Portland realtor discusses what rising interest rates mean for local buyers

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PORTLAND Ore. (KPTV) – Over the past few years, it’s been a home seller’s market with inventory low and the demand high. But now we’re seeing a hot housing market starting to cool down amid high interest rates.

“It makes a big impact,” said Carey Hughes, Principal Real Estate Broker with Keller-Williams Realty Professionals. “The same $500,000 home at a 3.5% interest rate, say 6 months ago, will now cost $900 more per month with the rate hovering just above 6%.”

How is this affecting those looking to sell their home? Hughes says they’re not seeing as many offers now and home prices are being bid up as they have been in the past.

“The person who is selling the home of course have high expectations based on the prices just a few months ago, but being that we have low inventory I can confidently tell a seller that we are still going to get their home sold,” said Hughes. “There are qualified buyers, there’s just not as many of them. So…

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