Last year was a head spinner for home shoppers. The desire to take advantage of historic low mortgage interest rates and move to a larger place to work and staycation during the coronavirus pandemic was dashed for some by unprecedented competition.
The low level of properties for sale fueled bidding wars and rising prices. Many Oregonians can point to a house down the street that received more than its asking price. In some cases, residential property sales were over the top:
A remodeled midcentury modern in Portland’s West Hills sold for 30% over the listing price, that is $605,000 more than the owner expected. A 1912 Laurelhurst bungalow traded hands for 51.4% or $486,000 more than the asking price, all in two weeks.