By Steve Fox, Principle Broker/Owner, Pinot Noir Properties
As an experienced real estate broker – and proud resident of the Willamette Valley wine region – I look forward to offering twice-per-month blogs that will discuss various aspects of the Oregon wine country. This will include insights into the fast-growing local real estate market, exploring changing market conditions and opportunities, providing tips on preparing a home for sale, sharing real-world experiences from the real estate “front lines” and much more. Oh, and perhaps a few wine tasting tips as well. After all, this is one of the most respected wine regions in the world.
Real Estate in the Age of COVID
It’s pretty clear that the ongoing COVID-19 pandemic has brought on an unprecedented change in lifestyle and housing needs, especially for prospective homebuyers who can afford to choose where they live. As we move into 2022, stock market gains, low interest rates, and more white collar professionals working remotely have all contributed to a continued boom in the upper end market.
As vaccination rates in Oregon and the rest of the west coast creep upward, we’re one foot in and one foot out of the pandemic. While COVID is still a worry, we’re finally starting to see a glimpse of what life might look like after the pandemic (keeping fingers crossed.) People are venturing back outside into public spaces again and thinking about getting on with their lives.
But as the pandemic has waxed and waned, it’s still a factor. One that has caused many Americans to reprioritize what drives their happiness. Many have taken a hard look at what was important and not so important to them. For example, less important is working 60 hours a week and never being home. A lot more important is balance of life, enjoying family and friends and in many cases, working from home without the stress of commuting. The “home office” is here to stay in one form or another.
Fewer People Feel Tied Down
Another shift the pandemic has brought is the move from densely populated areas to places where homeowners can have private outdoor space and less crowds. San Francisco, L.A., Portland, and other cities have seen a mass exodus since mid-2020. Because of the ability to work remotely, high earners are fleeing the city in search of more space and privacy.
Finally, with working professionals no longer tied to an office, and retirees looking to move from more expensive states/cities, to more affordable ones – the market for high end homes outside the city core has increased. Consumers, home buyers, and home sellers are now ready for the next normal — focusing on themselves and their happiness
All of which brings me back to the Oregon wine country. Yes, we’re known for great wine, but we’re also quickly becoming a housing destination for people who have decided that quality of life is more important now than ever before. Change is in the air. Opportunity is appearing. Growth is happening. And in general, this is really an exciting time to call our region home.
So please check this space often. We’ll include blogs from subject matter experts chatting about a variety of interesting topics. We hope to create a blog that not only enlightens but inspires and even entertains. So until next time, cheers!