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Market Trends Newsletter

Central Oregon Real Estate News and Market Update October 2018

Happy Fall everyone!
 
It's that time of year again that I love the best. Cool nights and mornings with warm and sunny days. It doesn't get much better than this! The sky is so blue!
 
The central Oregon real estate market has been cooling off as well. The inventory levels remain modest, and the interest rates have continued to rise. Interest rates have a huge effect on housing affordability. If you have been sitting on the fence trying to decide what to do, I wouldn't wait much longer. Also if you are thinking about selling your home, your timing might be just right. Having a more captive audience can be a really good thing.
 
If there is anything I can do to help you or someone you know, please let me know. I am here to help!
 
The comments below are provided by the Beacon Appraisal Group. If you have any questions, please let me know.
 

It is Fall and the Central Oregon SFR market is cooling.

The Single Family Residential median sales price in Bend has declined slightly over the past three months, but is slightly higher than the median sale price in September of 2017, $418k.  Inventory is low at just under a three month supply.  

Redmond SFR prices have steadily increased through 2018 thus far. Inventory in Redmond is low at around 3 months (just over three months) and the number of building permits issued for new SFR detached dwellings had fallen significantly in September. 

The quarterly figures show that the smaller SFR markets in Central Oregon have also experienced an increase in price trends over the past year.

Have a great day. Click the link below to see the latest Beacon Appraisal Report

Link to Beacon Report.

Information received from the Central Oregon MLS and Beacon Appraisal Group, is deemed reliable, but not guaranteed.

US Real Estate Overview

Note: August 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales remained steady in August after four straight months of decline, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest canceled out downturns in the South and West. 

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017).  

National Association of Realtors August 2018 DataNAR's chief economist, Lawrence Yun said the decline in existing home sales appears to have hit a plateau with robust regional sales. “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,” he said. “With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

The median existing-home price in the U.S. in August was was $264,800, up 4.6 percent from August 2017 ($253,100). August’s price increase marks the 78th straight month of year-over-year gains. 

Total U.S. housing inventory at August's end remained unchanged from July at 1.92 million existing homes available for sale, and is up from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, consistent from last month and up from 4.1 months a year ago.  

Individual markets vary, but properties nationwide remained on the market for 29 days in August, up from 27 days in July but down from 30 days a year ago. Fifty-two 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 increased to 4.55 percent in August from 4.53 percent in July. The average commitment rate for all of 2017 was 3.99 percent. 

First-time buyers were 31 percent of sales in August, down from last month (32 percent) but the same as a year ago.

The Best Homes Sell Fast!

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  1. Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
     
  2. Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
     
  3. Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.

Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.

Are Bi-Weekly Payments Right For You?

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule.

Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principal payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Want more information on other mortgage options?

Contact us today for our list of preferred local mortgage experts who can help you position yourself for a great year in 2018!