How has the Corona Virus pandemic affected the housing market in Salem, Albany, and the rest of the Willamette Valley? So far the answer appears to be “not much.” Although buying activity has slowed down some as it’s been harder to view properties, prices have remained stable. As Oregon continues to reopen we’re expecting a lot of new listings to hit the market.
First off, it really depends on the property type and location.
For quite awhile now single-family homes have been flying off the shelves. There’s a lot of demand in the market for this area, and sellers have been taking advantage.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with highly desirable properties are setting prices throughout the area.
Other types of properties, like condos and townhouses – especially those a little off the beaten path, or with some funky features – are still selling well, but at a discount to the more desirable homes. Less desirable properties also tend to stay on the market longer.
Investment properties are in demand. As the housing market has rebounded from the 2008 crash, investing in real estate has become more and more popular among Americans. There are even a lot of foreign investors looking for property in the United States.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing can still be a major obstacle for buyers. It’s certainly easier to borrow money now than it was 10 years ago. And rates are at historical lows. But banks have tightened their lending criteria. Tens of millions of Americans have lost their jobs, so lenders are leery of a new wave of foreclosures. Borrowers that would have easily qualified for a loan six months ago many now not meet the income requirements of many banks. These types of buyers can (unintentionally) cause major problems for sellers when they sign a contract to buy a house and then discover they can’t qualify for the financing they were expecting.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy taking place, and nobody knows for sure where we go from here.
I’m investing in Salem because this is my home, and I believe in the community and the people here.
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We buy properties like yours from people who need to sell fast.