A
s the unofficial end of summer approaches, real estate agents are hosting a flurry of open houses in an effort to entice potential buyers back into the market. With a surplus of homes and high interest rates, many buyers have been hesitant to make a move.

    Realtors attribute this hesitation to global uncertainty, including politics and tariffs, which can make people think twice before committing to a big purchase like buying a home. This has created a buyer's market for the first time in over 10 years, with many listed homes taking up to three months or more to sell.

    Despite these challenges, some real estate agents are reporting success. Pedro Cruz of REMAX Equity Group received an offer on a Portland home listed at nearly $530,000 just days after it went on the market. "Time on the market says 80 days, and it's been 30 days," he said. "We got an offer."

    Terry Sprague, CEO of LUXE Forbes Global Properties, agrees that consumer confidence is key to driving sales in the current market. He notes that uncertainty surrounding major companies like Nike and Intel can make people hesitant to spend.

    The construction industry has also been impacted by the surplus of already-constructed homes, but contractors say commercial development is still moving forward despite high interest rates. Sprague predicts that development will pick up even more in 2026, when he expects interest rates to drop to around 4.9 or 5 percent.