Some are watching the housing market expecting a correction or crash to bring prices back to pre-pandemic levels. While I do not anticipate that happening anytime soon, one thing that could change the market is rising mortgage interest rates. If mortgage rates climbed to 4%, housing prices would decline, and inventory would build. But, what is the likelihood of that happening? While a rate increase is likely at some point, the chances of a full percent are low. As the government prints more money, prices increase, and the baseline goes up. Last year the prices of homes throughout Central Oregon stepped up, and excepting specific market segments, there is no sign of retreat. While every situation is unique, waiting to buy in Central Oregon will most likely equate to a more expensive purchase down the road.
