The Mid-Willamette Valley in Oregon might experience a high demand for housing this year. Downside, there are less homes on sale.
According to Coravallis Gazette-Times, the recovering economy coupled with low interest rates will increase the number of homebuyers in Mid-Willamette Valley. Apart from this, real estate experts have also said that this will be a good year to sell homes.
Mid-Willamette Valley experienced recession recently, but now that the economy is becoming stable again, experts have said that more residents will be investing in real estate. Those financially stable are searching for a new house and even those who still do not own a home are searching for one.
Lee Eckroth, who is a principal broker for Corvallis Town & Country Realty, said "We expect for it to be a pretty active marketplace in spring and summer just because there's so much demand out there."
For the past three years, the house prices in the area have also increased, so this bodes well for Mid-Willamette Valley. New reports have also mentioned that at the moment, it is already difficult for qualified buyers to find properties in the area.
The high demand for houses in the Oregon valley may not be met because the number of available properties is lacking. Only a few homes were constructed in the place during the recession.
According to the executive vice president of the Willamette Valley Multiple Listing Service, Jay Gordon "With builders, some folks got out of the market, some folks retired, some folks moved on to other areas. It takes a while to get back up to demand."
Although housing projects were made during the recession, construction of homes are still underway and have not yet been completed. Although this is the case, many of these unfinished houses have already been bought because of the demand.
Meanwhile, other places in the country like Seattle are also experiencing such a phenomenon. In the Washington City, the high demand for homes have increased the asking price and give little options for the many home buyers.
