Spring is fully in the air! The exciting spring time brings blooms and fresh interest in real estate.
In Oregon, we continue to see a shortage of inventory in the price range below average, a seller’s market, while that at the higher end does continue to accumulate, a buyer’s market. Oregon continues to be a retirement destination, with Corvallis rated in the top 5 destinations by some top retirement magazines.
In California, many home owners are taking a earlier retirement look at a retirement home, and continue moving out of California into Oregon and Washington. High real estate cost and high tax rates are driving many home owners to leave California to seek retirement out of the State.
In Washington, the residential home inventory in Seattle and surrounding areas and continues to be in high demand. This cascades down to suburban areas, with new construction being the most appreciated.
This shortage of residential housing is nationwide, and has spurred new construction activities and purchasing of land to build. In the Pacific Northwest and California, because of building restrictions and the high cost of land and labor, newly constructed homes are typically significantly more expensive than existing older homes, and may take 6 months to one year to build.
Good commercial investment properties continue to be hard to find. Multifamily properties in college towns are in high demand, followed by warehouse space and hospitality. Office space is in high demand in metropolitan areas, less so in suburban areas. Retail continues to be on the downside, with many owners starting to invent creative uses for shopping centers. The top choices for investments are: healthcare, industrial, data centers, multifamily, student housing.
Look forward to another beautiful spring!
Author : Hong Wolfe
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