Central Oregon Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 1, 2022

February Market Update

Happy February! I hope you are enjoying our amazing winter. The skiing has been fantastic and the weather sublime.

 

I'd like to be the first to welcome you to my new website. Feel free to take a look around. I especially love the home valuation tool, which you can find here!

 

The real estate market is still very hot and is very much a seller’s market. 

 

According to The Atlantic, home prices soared during the pandemic, but the pandemic was not the underlying cause as there has long been an imbalance between supply and demand. The pandemic tipped the scales for Bend due to so many people being able to work remotely. How incredible it is to be able to enjoy our wonderful quality of life and keep urban employment. Graph of the median sale price in the US

 

 

 

Demand has also been bolstered by low interest rates. The interest rates are expected to rise this year, which typically pulls home prices down as the higher rates make borrowing more expensive. I wish my crystal ball could give us all the formula for the perfect time to buy a house, but at the end of the day, the decision to buy a house should not be an investment decision. The longer you intend to stay in the house the easier it is to ride the ups and downs of our economy. If you plan to purchase for investment purposes, craft a big-picture plan and consider your long-term wealth strategy. Then, work backwards to plan your real estate investments.

 

Top 5 Real Estate Trends for 2022

 

Low Inventory Will Continue

Building is happening but it will take time to catch up to the demand. There are several new neighborhoods in development in Bend, but most won’t have product until late summer or early fall.

 

Interest Rates Will Continue to Rise

They are still reasonable in terms of mortgage payments but it will impact buying power.

 

Prices Will Likely Not Decrease

Many people are still interested in moving to Bend from outside markets.

 

Renovation Boom Will Continue

In the race to buy compromises have been made and renovation is booked out months to years in advance in the Bend area. The premium on materials and labor has the trades working double time.

 

Sellers Are in the Driver's Seat!
Buyers should be prepared to be flexible – expect requests for free rent-backs, ample moving time, long closes, etc. Sellers have the upper hand right now.

 

Whether you're ready to sell or not, it helps to be well-informed about the market. Learn more about selling here and buying here, or feel free to contact me by clicking the phone or email link at the top of this page!

 

Posted in Market Updates
Dec. 27, 2021

Curious About Central Oregon Real Estate?

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Curious about Central Oregon real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and Central Oregon real estate market better.

Posted in Market Updates