Is now a good time to buy?
In one word, YES and here's why:
The cost of a single family home has appreciated 12% over the last year, which is great news for those who bought last year; however, homes are expected to appreciate another 5% over the next year.
Should I wait until prices go down? In one word, NO, the real estate experts don't see this happened in the near future. Here's why:
People continue to move to Bend, loving the Central Oregon lifestyle. However, we are now at a place where the price to live here can exceed the budget of many locals. How did we reach this situation? Bend is not the only American community experiencing a housing crisis. According to Lawrence Yun, the National Association of Realtors® chief economist, 3 million American homes which should have been built over the last 6 years were not. These 3 million homes were the minimum amount needed to keep up with the country’s growing population but they were not built, mostly due to banking’s hesitation to finance new construction during the economic recession. The number of new homes being built in Bend continue to lag behind the population growth. Although financing requirements for new construction have improved, Bend is limited in the amount of available land. And until the expansion of the urban growth boundary is resolved, we cannot foresee housing prices stabilizing anytime soon.
Buyers must be ready to buy!
Since March of last year, price p.s.f. has risen 9%! Inventory has also dropped to about 2.6 month supply, keeping us in a seller’s market. Homes are selling on average at about 97% of the listing price. Therefore, a buyer has to be ready with their pre-approval letter in hand or be ready to provide "proof of funds" if it's a cash offer. It's important that you have a Buyer's Agent that will contact you immediately upon seeing a home that meets their needs or is very close to it. Sometimes a buyer will say I need 1600 sq. ft. and if that criteria is used, they may miss out on a home that is 1580 sq. ft. I check our MLS listings daily with your buyer needs in mind and alert you immediately if I think a home is right for you.
Searching for a Home
I am very dedicated to my buyers and go above and beyond to find you a place to call home. I will put forth my best effort in searching for a home for you and making you aware of new listings that might match your criteria.
The Home Buying Process
I will be with you from start to finish and explain the entire process to you so there aren't any surprises. I will be in constant communication with you before, during and after the sale of your home. Having lived in Central Oregon and mainly Bend, since 1990, I have a great list of resources at my fingertips. Just ask!
If you'd like to know about the home buying process, I would love to tell you all about it. Contact us!
Five Reasons to buy your home with a REALTOR®
- Get access to all the listings.
- Know all the facts on properties you're interested in.
- Negotiate with the help of a real estate professional.
- Finance your home faster.
- Make a solid investment that pays off down the road.
New homes for sale hit the market daily. As your buyer's representative, I will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public.
Many real estate transactions include an extensive negotiating process, and as your Buyer's Agent, it will be my job to represent you and get the best deal possible. I will also attend the property home inspection, make sure any and all agreed-on repair work is carried out, and handle paperwork related to the sale.
I will be here for you throughout the entire process. If you have any doubt, please check out my Testimonials.
I look forward to working with you.
© 2020 Oregon Datashare (KCAR | MLSCO | SOMLS). All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Oregon Datashare. Real estate listings held by IDX Brokerage firms other than Bend Premier Real Estate are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing Brokers. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. The consumer will not copy, retransmit nor redistribute any of the content from this website. Information provided is deemed reliable, but not guaranteed. Listing courtesy of Bend Premier Real Estate. Data last updated: October 26th, 2020 at 5:00am PDT.