Whether you are buying or selling in Oregon, keeping an eye on the real estate market is important to get the best deal. When the market is crammed with homes, this means you can get a great deal as a buyer, but as a seller, you may not be able to get as much as you want for your property. The opposite is true when the market is sparse. Buyers may have to pay more, but sellers can get more. You also need to pay attention to what is happening with the law. New zoning laws in the state could have an impact on the real estate market.
Oregon Business explains a new state zoning law seeks to change regulations and make what were once single-family only areas into areas that allow multi-family housing. This means builders can now put up duplexes, apartments and other multi-family abodes in areas they before could not. It expands the available area for such construction.
Many believe that passing this new law will help to diversify neighborhoods and ensure more affordable housing in the state. With a shortage of homes already occurring, this is great news for many. However, opposition states that allowing the de-zoning of single-family home only areas will not help create more housing because the areas are not right for such housing, which should be on transit lines and closer to amenities. Essentially, they say people who normally live in multi-family housing will not want to live in these areas.
This information is for education and is not legal advice.