Source: KTVZ —
As prospective homebuyers in Oregon and Southwest Washington continue to face fierce competition for fewer and increasingly expensive homes, OnPoint Community Credit Union offers tips on how to successfully purchase a home in this red-hot market.
According to data released by the S&P Corelogic Case-Shiller Index this week, one of the leading trackers of the housing market, home prices across the nation have increased by 19.8% since August 2020, the name number reported the previous month. Demand for the shrinking number of new and existing homes also remains high, with the inventory of homes for sale in Oregon still at a little more than one month of inventory, according to the Regional Multiple Listing Service (RMLS). To put it into perspective, the housing market is considered balanced when there are four to six months of inventory.
“The surge in home prices and historic shortage of new and existing homes is resulting in bidding wars and offers significantly over the original asking price,” said Andrew Emerson, Vice President/Mortgage, OnPoint Community Credit Union. “While this market can be overwhelming and even intimidating, the good news is there are proactive steps you can take to ensure the best possible outcome.”