May 30, 2024

Mortgage lenders and agents weigh in on 2024 real estate outlook

As interest rates decline, some mortgage lenders said they’re seeing a spike in calls.

Tim McBratney with PacRes Mortgage tells KATU that normally the holiday season is quiet, but he projects more buyers will continue to enter the real estate market in the weeks ahead.

“We could see in the high fives on government financing and conventional maybe mid to low sixes this year. As far as the effect, I mean, it’s going to have a huge effect. We have talked to so many buyers this last year that want to wait until rates come down even though we wish they wouldn’t because there’s going to be far more competition,” said McBratney.

Bonnie Roseman is a broker with Living Room Realty. Roseman said even a slight decline in rates can have a big impact on monthly payments.

“If you’re paying five dollars and 50 cents per thousand that you borrow that’s a significant difference than if you’re paying seven dollars and 50 cents per thousand, right? Because the average price in Portland right now is about 600. We’re down a bit,” she said.

KATU asked Reuben Schug with Windermere Realty Trust if he’s seeing a difference in the types of homes people are now seeking out.

“That flight from the city is gone, and now the people that want to be in the city with the amenities, with the walkability I think they’re going to be comfortable because they’re seeing things going in the right direction,” said Schug.

Lenders and agents said they anticipate more homes coming on the market in the spring, with an influx of buyers before that time.

“We think the market is going to heat up again. More competition out there fighting for that same home on the market so get in early, let’s get you into a home. We can worry about rates later. If they come down we can re-finance,” said McBratney.

McBratney said he anticipates rates will hover around six percent in the year ahead.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *