Home prices are continuing to rise and competition is still very stiff for accepted offers. Experts predict that prices will increase by 8% in 2021. Lack of homes for sale and the population shift from cities to suburban areas is driving this rise in prices. This fervency is not reserved to Oregon, this phenomenon is happening nation-wide and throughout the world where people are moving from bigger cities to urban areas. As people decide to either return to in-person work or not, if children are going back to school or not is playing into the places where people choose to live. This and people not having somewhere to go if they sell is causing this frantic market.
This hot market is even having an effect on new construction. The prices for building materials have been going up exponentially, for example, 4x8 particle boards were around $14-$17 last summer. Now they are around $41. Lumber prices have increased 300-400% as have other building components from permits to wire. This is driving up the prices of new construction and availability. Builders are now not taking reservations for lots because they are not sure exactly how much the house will be until it is finished.
Whether you plan to sell or buy , you need a realtor who can navigate the rapid ever-changing market. Darcey Edwards and her staff have the experience and knowledge to steer you though this crazy market and into the best home for you.
Edwards Realty Trust
5193 N.E. Elam Young Parkway, Suite D
Hillsboro, OR 97124