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Around here (Portland, Oregon) prices are rising fast. In 2014 my brother bought a house. The house is 4 bedroom 3 bath. It's 2 stories and in a nice neighborhood. It's in perfect shape and he paid $505K for it. About half a mile down the street from him they are building new homes that are the same size as the one my brother bought. They have a few different features, but overall the homes are very similar and they are pricing them to start at $800K.
2-3 years might be too long. I won't be shocked if we start to see issues in the next 12-16 months. Obviously, I'm no experts and don't currently own anything but my own home, but over the last 5 years prices around here have skyrocketed.
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