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.
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!