If you're a buyer interested in
Bend Oregon real estate, these are GREAT days! Mortgage rates are terrific...Prices are hitting bottom...doesn't get better than this! There hasn't been a better time to
buy real estate in Central Oregon in a long time. You'll find great bargains on quality homes in all of Central Oregon: Bend, Redmond, Sunriver, Lapine and Prineville!
Current Market TrendsThank you for allowing me to elaborate on our
Central Oregon real estate market trends: There are 1,985 residential properties listed for sale in the
Central Oregon MLS at this time. This leaves us with 7.5 months of inventory. Last year at this time, we had 2,645 residential properties listed for sale in the
Central Oregon MLS with 12.0 months of inventory to work through. Why is this important to look at? Our real estate market has clearly been defined as a
buyer's market since our real estate values peaked in May of 2005. Since that time, property prices have continued to reduce. Anytime a month's of inventory goes under 6 months, the market will most likely be defined as a
seller's market. Meaning property prices are starting to go back UP and the seller is more in charge of the selling price of their property. There can be more bidding wars, multiple offers, listing prices
increase as a home remains on the market. That has
not been our experience recently in Central Oregon or in the nation! With our current months of inventory dropping this year from 11.0 months in January to 7.5 in April, those properties that are listed very competitively are actually experiencing multiple bids and some bidding wars! Wow! But, for those overpriced properties NOT priced competitively, they sit...offer-less and often show-less (if you will).
It seems we are approaching some improvement if you consider the movement of real estate an improvement. Since I'm a real estate broker for The Hasson Company, I'm anxious to see real estate properties MOVE. Not only for me, but for Bend's economic-well-being. It seems that when real estate is healthy, other industries are also enjoying the good health (employment, restaurant sales, car sales, vacation spending, etc.)
One impacting factor locally however is our total of
New Notices of Default. During "normal" times, Deschutes County might experience 300
New Notices of Default in a given year. So far this year we have seen 1,437. Again I say, Wow! Although I see "signs" of Central Oregon's general economy improving or changing slightly, until the real estate market stabilizes, this New Notices of Default total and reduces this supply to maybe 500 a
year, I don't see our economic pressures letting up for our employed, our employers or our unemployed residents. The good news is that we ARE heading in that direction!
There are many ways to interpret our local market trends. In my world, these are the signs I watch and these are my interpretations. I'm always being asked, "When do you think home values will return?" And, "do you think we have hit the bottom yet?" If you were to look at our home values in a graph form, you will see the huge dropping of values from May of 2007 to now. I believe the general Bend real estate market is "hitting" bottom currently. But I also believe we will continue to bounce in this bottom range until we stabilize our
New Notices of Default totals. This could take one year, two years or more. If we had a crystal ball, this recession, this economy, etc. would be much easier to tolerate and decisions would be much easier to make. But, we don't. I will just say that if I had to give an opinion, it is my humble opinion that after we work through the
New Notices of Default totals and stabilize that issue, property values will inch up but not quickly...maybe at a rate of 3 to 4% a year. Now does that mean your listed home will increase at that rate? That depends....is your home listed at a competitive and current value price? Or are you still holding on to past value in your mind and expecting this 3 to 4% increase from there? If your home is listed, are you getting multiple showings? Are you processing offers? If not, you must lower your perceived value to a correct and current value and
that would be your starting point from which to add this 3-4% increase. Ouch. (I know, I'm sorry.)
Are there positive signs?
YES! I see more hiring going on. I see more building taking place and busy contractors. I see more real estate being purchased and I see bidding wars for competitively priced homes. All signs that we WANT to see. We want to see employment and money in our pockets to spend or save providing us with a feeling of security. If you're a buyer, these are GREAT days! Terrific interest rates...it doesn't get better than this! There hasn't been a better time to buy real estate in Central Oregon in a long time. Great bargains on quality homes in all of Central Oregon.
I hope you find this information helpful to your understanding of our current
Bend Oregon Real Estate market conditions and trends.
If you're thinking of buying a home in Bend, Redmond, Sisters, Sunriver, Lapine or Prineville, you should sign up for Teri's
FREE New Listing Notification Service or call or emtail today! Teri Green is a Senior Real Estate specialist and sells quality homes in Bend, Redmond, Sisters, Sunriver, Lapine, and Prineville, Oregon.
For foreclosure information, Call Teri at (541) 350-8424 or visit
www.BendOregonRealEstatePLUS.comIf you have questions about Bend or Bend real estate, call Teri at (541) 350-8424 or Email at
greent@hasson.comOR you can use our
FREE MLS Search to search for local real eswtate.
Sincerely,
Teri Green
Bend Oregon Real Estate - Senior Real Estate Specialist
The Hasson Company
(541) 350-8424
www.BendOregonRealEstatePLUS.com
Look forward to hearing from you!
