Is It Too Late For Oregon Homeowners?! | Oregon Housing Market 

Yes! The over appraisals for homes needing huge amounts of work. From foundation, electrical, heating, new roofs and plumbing problems. These older homes are not accounting for the work that needs to be done when appraisals come into play. A home needing huge amounts of work should account for the costs to make the home liveable. I've seen many homes 275k-300k needing new foundations, plumbing, roofs, electrical and functional heating/cooling equipment. These are old homes from 1900 to 1960. As a buyer, having to repair the home coming in at the asking price, I'd have to insult the seller and offer $50k -75k off there asking price to make the home liveable for me. Do they really believe their home is worth 50-75k more when so much work needs to be done? And then have to factor in the rising mortgage rates? When I see a 10-15 yr old home for 310k (newer) and then compare it to these 60-70 yr. older homes, I can see a problem with "appraisals" in the Rogue valley. There is no way these older homes should command the same price as a much newer home! An Inspection will be my key to over appraised homes here. I don't even believe these older homes, in this price range, can be financed with the state of repair needed. Just not viable.

You’re spot on to prepare to buy in 2023. I’ve lived a little and seen this correction many times, home prices are going down. There is still a California factor though, sell their 1200 sq. ft. 3 bedroom 1 bath home for $900,000, price and interest rates becomes a non issue. Not against the law, it’s just the way it is.

@Jake Davis - thank you for pointing that out. It looks like the initial entry was for $580k (for some reason I can't add a photo here in the comments 🤷‍♂) but perhaps that entry was a mistake? Thanks for checking on that!