Hillsboro, Oregon, is blooming not just with spring flowers, but with renewed homebuyer optimism thanks to a drop in mortgage rates. A recent Redfin market report reveals a nice windfall for potential homeowners, with purchasing power increasing by five figures in just a few months.
“This is a game-changer for aspiring homeowners in Hillsboro,” says local real estate expert Dirk Knudsen. “Rates are improving, inventory is up, and the market is starting to buzz a bit. It’s the perfect time to jump in before things tighten up again!”
Think about it: a savvy buyer with a monthly budget of $3,000 can now snag a home worth $453,000, a whopping $40,000 more than in October 2023, when rates peaked at a bone-chilling 7.8%. That’s not all – the dip to a current average of 6.7% translates to a monthly mortgage payment on a well-priced Hillsboro home dropping from an estimated $2,713 to a much more manageable $2,545.
“Suddenly, that dream home or that first home feels a lot more attainable,” adds Knudsen. “For many families, this could mean turning ‘maybe’ into ‘move-in day.'”
But wait, there’s more! Hillsboro’s housing market is also boasting a healthy rise in available homes. Months of high rates had kept some sellers on the sidelines, but the spring thaw has brought with it a wave of new listings. This increased inventory gives buyers more options and potentially lessens the pressure of bidding wars.
However, experts advise against complacency. While the current climate is favorable, Knudsen warns that a shift could be on the horizon. “The Fed is still grappling with inflation, and another rate hike could be in the cards later this year as there are so many unknowns,” he explains. “So, if you’re on the fence, don’t wait – seize this opportunity before the momentum fades. Rents are not retreating at all, and the tax advantages, appreciation, and all the cool things about owning a home make it worth going for as much now as ever! “
So, what are you waiting for? Whether you’re a first-time buyer or looking to upgrade, Hillsboro’s spring housing market offers a rare bouquet of affordability and opportunity. Contact a local real estate agent, get pre-approved for a mortgage, and dive into the blooming market. Your dream home might just be within reach!
Dirk Knudsen is a local Broker with 44 years of experience selling homes, land, and investment properties in Hillsboro, Oregon. He is a top 200 broker in the RMLS and maintains his offices at 222 East Main Street, Hillsboro, Oregon, with MORE Realty, one of Oregon’s largest real estate brokerage firms. Dirk is the editor of the Hillsboro Herald, a community leader, and is happy to help anyone looking to sell or buy a property. He can be reached at 503-799-8383 on his cell phone.