Market And Neighborhood Updates
Many professionals in our industry felt the number of sales have slowed down within the last couple of weeks, perhaps as buyers wait for the inventory of homes for sale to increase. There has indeed been an obvious increase this week of new listings entering the market. It is anticipated that we will have a very active rest of our spring.
The latest Portland Metro Market Report from the RMLS was received this week. The report showed that compared to March of 2017:
--New Listings of properties for sale rose slightly
--The numbers of sale pending and officially sold properties were less, but more than in last month
--The inventory of homes for sale and average market time both decreased from last year at this time
Other points contained in this report included:
--The average price over the 12 months prior to March had risen by 7.6% to $435,000
--The suburb of Gresham rose above the rest with over 12% appreciation from last year
--The next largest value gains were experienced in Hillsboro, Beaverton and Milwaukie areas which had over 9% appreciation since March of 2017
Update On Borrower's Debt To Income Ratios
Courtesy of Economist, Elliot F. Eisenber, Ph.D.
"As house prices relentlessly rise, the percentage of conventional loans this past winter going to borrowers with debt-to-income (DTI) ratios above 45% hit 20%, almost triple what the percentage was 12 months ago, but less than the housing boom peak of 36%. Meanwhile the share of buyers with DTIs between 46% and 50% is near where it was in 2004-05 but remains well under the 2007 top."
Speaking of Mortgages...if you are struggling to get that down payment, check out some great neighborhood and loan programs that offer credits and/or financial assistance when purchasing a home. There are two lenders that I recommend that can offer you details on some great financing options:
This lender also offers free down payment assistance - Program ends in June