by Keely McCormick and KVAL.com Staff
LANE COUNTY, Ore. — Heading into the new year, the housing market continues to see low supply and high demand, and like many aspects of life in 2020, the coronavirus pandemic was a factor.
Inventory is extremely tight right now and is expected to stay that way throughout 2021. We spoke to one woman who just went through the home buying process, and she said she was lucky to find one.
“During the wildfires, the landlords decided to sell and they didn’t give us much time,” said Samora Walker, a recent home buyer.
Anya Samora Walker and her family had to find a home to buy in 6 short weeks, which is hard to do in this housing market.
“It’s been challenging, I have friends that have been looking for 2 years that haven’t found what fits there needs because houses are going thousands over the asking price,” Walker said.
And those prices will continue rising in the new year.
“It’s so competitive that you’ll get 5 to 10 offers on any given home and people just driving that price up,” said Robert Grand, the CEO of Grand Real Estate Investments.
Inventory initially dropped when the pandemic hit because people started to stay home rather than sell their homes, so when we’re used to seeing an influx of homes for sale in spring. 2020 didn’t have that.
This big new development is not a common site in Lane County. The reason for the high home prices is because of low inventory and limited land to build on.
“Here in Lane County and other parts of Oregon, there’s a lot of terrain and stuff like that so it’s not as easy to sprawl out,” said Grand.
But the demand for homes here is still high, as an influx of people are wanting to come live in Oregon.
Homes here are only on the market for an average of 33 days, but that depends on the home. Grand said an entry-level house priced around $350,000 may be on the market for only 4 to 5 days.
The median sale price for a home in Lane County increased 13.6 percent from 2019 to 2020. Grand said he’s expecting to see a similar trend in 2021.
Now the next big question is if we will see a lot of foreclosures because of the pandemic’s effect on the economy.
Even if we do see that happen, Grand said it would take a major influx to shift the housing market in the new year.
The source of the article can be found here.