Real Estate Market

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Featured Listing

For Sale: $129,000

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Market Trends Newsletter

Central Oregon Real Estate News and Market Update October 2019

Happy Fall everyone! Summer is behind us now so we can all enjoy the wonderful cooler nights and warm blue sky days that lie ahead. The air is fresh and clear, I love this time of year. The goal is always to have enough snow on Mt Bachelor to open up a few chairlifts by Thanksgiving. We'll see if mother nature cooperates this year.

The real estate market in the housing and investment property sectors still remains active. If homes are priced fairly, there are still plenty of people looking to purchase them. Median sales prices, and number of sales have both retreated slightly over last month making homes a little more affordable than before. The inventory level remains at around 3 months. You will find this and a lot more information by reviewing the Beacon Report available below.

If I can be of assistance to you, please let me know. I am happy to help!

The comments below were written by Donnie from Beacon Appraisal Group.

The median sale prices in Bend and Redmond declined slightly in September.  Inventory remains low at just under a three month supply in both areas. 

The quarterly figures for the smaller market areas have been updated in this report.

Click the link below in order to view the recent report.

Link to Beacon Report.

Information deemed reliable but not guaranteed. Provided by Beacon Appraisal Group and MLSCO.

US Real Estate Overview

Note: August 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales inched up in August, marking two consecutive months of growth according to the National Association of Realtors®. Three of the four major regions reported a rise in sales, while the West recorded a decline.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) rose 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August. Overall sales are up 2.6% from a year ago (5.35 million in August 2018).

National Association of Realtors August 2019 DataLawrence Yun, NAR’s chief economist, attributed the increase in sales to falling mortgage rates. “As expected, buyers are finding it hard to resist the current rates,” he said. “The desire to take advantage of these promising conditions is leading more buyers to the market.”

The median existing-home price for all housing types in August was $278,200, up 4.7% from August 2018 ($265,600). August’s price increase marks the 90th straight month of year-over-year gains.

Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing-homes available for sale in July, and marking a 2.6% decrease from 1.91 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded in August 2018.

Properties typically remained on the market for 31 days in August, up from 29 days in July and in August of 2018. Forty-nine percent of homes sold in August were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 31% of sales in August, down from 32% in July and equal to the 31% recorded in August 2018. 

Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.

While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.

A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!

Investing in Real Estate

Today's low interest rates and rising home prices have created some great investment opportunities!

Investing in real estate has unique advantages over other types of investments. Let's take a look at some of the reasons why real estate investment should be on the "short list" for many investors:

  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.
  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand. 
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!