PORTLAND, Ore. (KOIN) — House hunting in Portland is getting increasingly difficult. It’s a seller’s market with few homes and many buyers, but how long can this last?
If you have tried to buy a home recently you know it’s tough work, with many offering more than the asking price.
Local realtors say the low supply and high demand for homes is fueling these prices. With that, people are reportedly spending 6 months on average looking for a home.
Nicole Lewis, a local realtor with her own company Nicole’s NW Diva Real Estate, says people have to accept they might not get everything they want out of a home right now.
“It’s going to be very difficult, very difficult for you to find a home as for now,” said Lewis. “But, if you just keep the search going it is promising. You just have to really work hard and dedicate yourself and really find a real estate agent that’s going to work for you.”
She said knowing if your realtor is right for you is a gut feeling.
Lewis says a lot of the delay and challenges people are running into is left over from the pandemic.
Interest rates are also causing people to not be able to afford what maybe they once could.
Compound these hikes with a poor economy, Lewis says the stress is building for families. She believes people may lose their homes similar to the 2008 recession.
“I think it’s going to stay steady for a bit, and then I think it’s going to crash,” said Lewis. “Just because of the economy, gas prices, food prices — you know it’s staying steady and nobody’s going to be able to buy if it’s just going to be a cycle.”
When this happens it will be a buyer’s market with more people selling than buying.
As hard as it is, she says you have to be patient. She suggested prospective buyers shouldn’t make that leap unless they can afford it. She said homeowners shouldn’t risk their main home for a prospect that might not pan out.