Oregon has become a hot spot for new housing and opportunities because of its abundance of jobs.
There are more open positions in Oregon than there are unemployed people, making it a perfect place to move to. Not only is there an abundance of jobs to apply for, but you can also find a suitable home for your family.
If you’re hoping to buy a home in 2023, you must know a few things about the market. Keep reading to discover this year’s Oregon housing trends so you’re prepared to make an offer!
Homes Will Become More Affordable
One of the most exciting trends for the Oregon housing market this year is that prices will go down.
Home prices went down nearly 2% in January and are anticipated to reduce even more. With fewer people moving in 2023, sellers are lowering prices to help close the deal. It’s becoming common for people to have their homes on the market for several or more weeks before getting an offer.
The cost of homes will become more affordable for first-time buyers and those on a budget.
Options Will Increase
Although fewer people are moving this year, there are still plenty of Oregon homes to choose from.
Since houses are staying on the market for a longer period, the options have increased. This means that your odds of finding and affording your dream home will become a possibility. Having more houses to select from will help you find a suitable place that comes with character and land.
Keep an open mind when you explore lesser-known areas. An up-and-coming neighborhood is a perfect place to start and you’ll save a lot of money.
Small Towns Becoming Popular Cities
If you get the chance to check out Harrisburg, Culver, or Manzanita, you should take a look at the job opportunities.
These are some of the more desirable cities in Oregon, and there are plenty of homes and suburbs. Harrisburg is a small community, but it’s known for hosting the best parades and festivals. Your family can always find something to do in this small town and you’ll quickly meet your neighbors.
Culver is another small town, but, it brings in a lot of attention. Since Culver is located just north of Cove Palisades State Park, there is plenty of wildlife to discover. If you’ve always dreamt of having beautiful scenery, you’ll love this town.
Manzanita is known for being a vacation destination, but the tourists have created opportunities for locals. Whether you want to work for someone else or finally try your business idea, Manzanita is a great place to test out your concept.
Solar Power Investments
When you move to Oregon, you will develop an entirely new perception of nature.
Many people in this area have switched to solar energy to help protect the environment and save money. Whether you’re buying or selling, solar panels can be a wonderful asset for the property.
Not only would you be saving on solar energy, but you will also sleep more peacefully. Knowing you’ve reduced your carbon footprint and don’t need to rely on the grid will give you a sense of freedom and control.
Fewer Price Fluctuations
Housing experts predict that prices will stabilize and remain consistent for the coming year.
Although houses aren’t as affordable as they were before the pandemic, they have significantly declined. This year, it shouldn’t change much, which will help you stay within your budget. A major cause of price fluctuations in the past has been due to a shortage of options, but Oregon has plenty for sale.
Most sellers accept offers that are just below or at their asking price. There may be a few exceptions, especially if the homes are desirable, but you should expect to pay around that price.
Inspections Are Making a Comeback
Moving during the pandemic came with challenges and many of them were overlooked.
Since it was difficult to get an inspector in the house, people waived inspections and overlooked signs of water damage. This year, you shouldn’t have to ask for more than the listing price, knowing it hasn’t been inspected. Take time to assess the damage and repairs so you can negotiate a fair offer for both parties.
Inspections can be stressful, but they are also eye-opening. You can discover the true value of a home and its value by hiring an expert in the industry.
Construction Costs Will Increase
Buying and selling a home won’t be an issue in 2023, but you may want to hold off on construction.
Building homes in Oregon will be more expensive than normal because of supply chain issues. Appliances, building materials, and tools aren’t as available and they are putting projects on hold. If you can find the items, they are often marked up.
New build homes won’t be as available, but Oregon has an abundance of homes that could use some repairs. Instead of building an entirely new place, invest in a fixer-upper and work off a solid foundation.
Take Advantage of the Oregon Housing Market
If you’re on the fence about moving, the Oregon housing market may encourage you to leap.
With a large selection of homes in Oregon, you can find a property you can see your family in. Houses have been going into bidding wars for years, but now is the time to place an offer since prices are dropping. You can easily relocate and afford the cost of homes in Oregon by getting a new job.
Be sure to read our blog for the latest info about the housing market and the best places to move!
