There is a Heavy Demand for Homes Despite the Turmoil
Regardless of high interest rates. Foreign policy and rising inflation there is still a high demand for homes. When life is stressful everyone wants a haven to escape to. The pandemic, an unsettled world and high prices have convinced us that home is the place to be. But we want our home to be large enough for work and school, we want an outside space to breathe fresh air and we want a nice neighborhood. Many have decided that they want to downsize and live a simpler life, putting a squeeze on the small home and rural market.
The average price of a home in Hillsboro is $519,000 and buyers are competing in multiple offer situations for the few homes on the market causing prices to increase even more.
The supply of new homes is low due to the pandemic and supply chain problems. Even if the lumber is available, the price has increased exponentially. While some of those issues have eased, it will be a while until new housing options come out in the market.
It is still very much a sellers' market. But even sellers will need some place to live after they sell and they will have to pay a premium as well.
Whether buying or selling at this volatile time, you need someone to help you make sense of the situation. Give Darcey a call to plan your next move. She has the experience and expertise to navigate the changing and unpredictable current housing market.
Edwards Realty Trust
5193 N.E. Elam Young Parkway, Suite D
Hillsboro, OR 97124