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Given present concerns about the COVID-19 or Corona virus, many Oregon home buyers and home sellers are concerned about how it may affect their next real estate transaction. Related questions include “Will I be able to get a loan?” to “Are buyers still interested in buying?” and “Is the market going to improve, worsen, or stay the same?” Added concerns surround what many formerly took for granted, like the simple act of touring a home, where buyers and sellers now hope to avoid spreading or contracting the virus.
In this currently changing situation, answers to all of these questions are not 100% predictable for the short term, but there is heartening news. Based on past virus outbreaks like SARS, viruses can experience less efficient transmission in warmer weather. This makes sense, since in Oregon, Winter frequently means maintaining closer proximity to others indoors for an extended period of time. As we move through Spring, Oregonians tend to spend more time outdoors where transmission can be reduced. We can also be thankful Corona virus didn’t first accelerate here in late Autumn or early Winter.
Now is an especially good time to follow the advice of medical professionals. Maintaining good hygiene like handwashing, along with other commonsense health practices such as eating a proper diet, getting ample sleep and practicing effective stress relief are encouraged to reduce cases of COVID-19, also known as the Corona virus.
Watch This Key Oregon Real Estate Factor
If an Oregon home purchase or sale is on your ‘to do’ list in 2020, a major bellwether of our market is inventory. Greater Portland’s home supply was most recently placed at 1.9 months, with greater Salem’s inventory at 2.5 months.
This single inventory figure is important because it indicates whether we’re at equilibrium, in a buyer’s, or a seller’s market. Below 3 months of home supply favors sellers and is called a seller’s market. More than 6 months of supply favors buyers, which is considered a buyer’s market. Equilibrium, or where neither buyers or sellers dominate, is routinely considered anywhere between 3 to 6 months.
Like interest rates, as we travel through Corona virus concerns it’s a good idea to keep an eye on the inventory figure for your area. This will go a long way toward helping you navigate what you can expect, whether buying or selling.
All Things Must Pass
While predictions vary on the timeline, whether you’re buying or selling, it’s helpful to understand that the current situation is expected to be temporary. This means that patience is an especially important virtue in your quest to buy or sell an Oregon home in 2020.
Contact Realtor Roy Widing with Certified Realty for more information on how you can successfully navigate our current real estate market. With 32 years of full time real estate experience in all kinds of real estate markets, Roy can provide you with his decades of veteran insights to make your next transaction successful. Contact Roy for a free consultation using the contact form below.