“There weren’t that many options that we saw in our price range, and like the size that we were looking for,” first-time home buyer, Jacqueline Bradshaw says.
Jacqueline Bradshaw has learned first hand, how difficult finding a home in the Rogue Valley can be.
“Every week or so we were able to maybe look at one, or every other week another one but it wasn’t an abundant list of options,” Bradshaw says of existing-home inventory.
She and her husband were in the market for their first home this year. When they couldn’t find an existing home for sale, they started looking at new construction. They made an offer, before the foundation was even laid.
Principal Broker, Terry Rasmussen says that’s not at all uncommon here.
“Any home that’s being built right now,” Rasmussen says, “is usually pending in escrow before the walls get put up.”
According to national numbers, 2017 could be the best year in total home sales since the downturn in 2007. Rasmussen says the only thing hindering the market locally is a lack of homes.
“During the downturn though housing dropped, families still formed, people still had kids, and so all these families were formed but construction ceased for a period of time so now were behind the 8 ball in construction,” Rasmussen explains.
Not only is there low inventory, but higher prices. Currently, the median home price is up nearly 11% over last year. He says there’s less than a months supply of homes under $350,000.
Rasmussen says wages aren’t keeping up with the rise in home prices in the valley. He says if that continues, appreciation will start to wane and we may see the market slow down.