Are you Looking to Buy or Sell Luxury Real Estate in Bend?
Bend Premier Real Estate is a member of Who's Who in Luxury Real Estate, an international network of more than 1000 brokerage firms in more than 80 countries representing the finest residential luxury estates and premier brokerages in the world.
Each member has been recognized in their geographic area as a leader in the marketing of distinctive and luxury properties, committed to high performance, professionalism, and quality service. Known in the industry for the last quarter-century as the leading Luxury Real Estate network, their agents collectively sell in excess of $190 billion of real estate annually, with an average sale price of $2,450,000.
Bend Premier Real Estate is proud to list its Premier Collection of Fine Homes on LuxuryRealEstate.com , the most viewed luxury real estate site in the world.
LuxuryRealEstate.com, a Webby Award Honoree, has been voted ‘Best of the Web’ by Forbes magazine multiple times, praised by the International Herald Tribune, Town & Country, the Wall Street Journal and has been ranked ‘Best Website’ by consumers according to surveys by the Luxury Institute.
Since its debut in 1995, LuxuryRealEstate.com has remained the #1 portal for luxury properties on the internet, consistently driving more traffic to member websites and generating more qualified inquiries than any other website. LuxuryRealEstate.com has several times more $1,000,000+ content of any near-peer.
Searching for Bend Real Estate or the surrounding communities of Redmond, Sisters, Madras, LaPine, Sunriver, and Prineville just got a whole lot easier with our NEW SEARCH APP. Using the latest in GPS mobile technology, you can now quickly and efficiently pinpoint properties for sale in the immediate area from wherever you are located in Central Oregon. You can also search for recent sales, save your searches, share your searches with others, and even contact a Premier Agent for more information or for a showing right from your mobile device.
Plus you can still do a traditional MLS real estate search anywhere in Central Oregon by city (e.g., Redmond, Prineville, Sunriver), price, type of home, home features (e.g., number of bedrooms, bathrooms, etc.), type of property, and so much more.
As the largest locally owned independent real estate brokerage in Central Oregon, Bend Premier Real Estate continues to lead the way in real estate technology in order to give our clients the "Premier Experience" they truly deserve!
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When you hear somebody describe Bend, it always sounds too good to be true. Imagine relocating to a place with sunny skies and endless recreational opportunities in an emerging cosmopolitan atmosphere, but without the crowds, traffic, and pollution of the big city. Dog Fancy Magazine named Bend the “Dog friendliest city in the nation”; Outdoor Life Magazine put Bend at the top of the list as the place for “outdoor sportsmen”; and with the Mt. Bachelor Ski Area just up the road, USA Today referred to Bend as the “New Boulder”. Bend was also recognized by CNN Travel as one of the top 10 beer towns in the USA, the top biking town by Mt. Bike Action Magazine, the “Next Big City for Entrepreneurship” by Entrepreneur, and a “Top Place to Retire” by Where to Retire Magazine. These are just a few of the many accolades being praised on Bend by others, but perhaps Sunset Magazine put it best when they said “Whoever visits Bend, moves to Bend…”.
A Faster and More Powerful Way to Search for Homes in Bend Real Estate
At Bend Premier Real Estate, we employ advanced REWIDX technology for a more powerful, yet simpler way to search BEND OREGON REAL ESTATE,
Are you looking for new construction? Find all the MLS Listings for new construction in Bend for 2014 by clicking here. Or perhaps you want to see all the new mls listings that have hit the market? Check out our 7 day Hot Sheet for listings that have hit the market in the past week, or for the very latest listings click Today's Hot Sheet Listings.
Although the amount of distressed properties in Central Oregon has decreased in the past couple of years, there is still strong demand from investors and bargain seeking homeowners alike. For the latest on local distressed properties you can search Bend Bank Owned Foreclosures (REO), or Bend Short Sales.
If you are looking for luxury properties, we invite you to look through our Premier Collection of fine homes, which are also listed in Luxury Real Estate. These homes represent a variety of luxury properties in Bend over $500,000 with outstanding amenities for the discerning buyer. Many of these homes also include home video tours and/or 360° virtual tours.
Our simple yet powerful Bend IDX Search allows you to search all available properties and homes for sale in Central Oregon the way a realtor would search: by City, Subdivision, and Zip Code. Once you establish the area, we make it easy to search by Bank Owned or Short Sales, Property Type, Amenities, Lot Size, Year Built, Days on Market, and more. Once you register with us, you can easily save your home searches, keep track of your favorites, and even have the newest listings that match your search criteria emailed to you as soon as they hit the market. The Bend real estate market landscape changes daily. Check out the latest properties to hit the market here!
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The National and Local Bend Real Estate Trends (10/31/14).
Bend Oregon Real Estate Trends
The National Association of Home Builders (NAHB) is projecting a “robust” housing market for 2015. The top reasons given by NAHB Chief Economist David Crowe for this positive outlook includes continued economic growth, projected low interest rates, and pent-up demand for housing by those who have “delayed” buying a home due to “job insecurity”.
As for actual numbers, the NAHB estimates for 2014 are 991,000 “total housing starts” nationwide, up 6% from 930,000 in 2013. But more important are the projections for 2015 where “single family” housing starts are projected by NAHB to increase from 637,000 homes this year, to 802,000 homes in 2015 (+26%), and 1.1 million homes in 2016. This increase in home production would take us close to the 2000-2003 eras which averaged about 1.3 million housing starts annually.
Although home builders nationally have been ramping up production, Moody’s Analytic Chief Economist Mark Zandi is still projecting a housing shortage. New “household formations” following the great recession and the pent-up demand according to Zandi will create a need for about 1.7 million homes per year, which is far below the projected production of about 1 million homes annually.
The NAHB does caution that the highest demand will likely by in the energy producing states- North Dakota, Montana, Texas, Wyoming, and Louisiana- and lowest where labor markets are weakest -Alabama, Rhode Island, New Mexico, New Jersey, Arizona, and Nevada. However, by the end of 2016 production rates should overall be as high as 90% of normal for single family housing starts.
How is the Bend Real Estate faring in this housing market? The demand for new housing continues to be very strong! According to Trend Vision, for the 3rd quarter of 2014 new home sales were up 42.9% over the same period in 2013, with the average square foot price up 4.2% year over year. Compared with the same quarter in 2013, there was also 13.5% less months of inventory based on closed sales, leading expectations that demand for homes in Bend will remain high.
The “Housing Affordability Forum and survey” recently completed by the nonprofit group Bend 2030 brings up an interesting question… Is the Bend real estate market getting out of reach for most middle income households?
One particularly revealing statistic is to look at what percentage of available homes in Bend can the middle class afford in comparison to middle class families in other metro areas or the US market as a whole. Utilizing a standard of 31% of “median household income” for mortgage payments (i.e., principal, interest, taxes, insurance), a 30-year loan with 4% interest rate, 20% down payment, and with a median household income for full year 2013 of just $46,791 (United States Census Bureau), the ballpark figure of how much home a middle class family can afford in Bend is $235,000. This figure represents just 7.7% of all residential single-family homes currently for sale in the Bend real estate market that would be within reach of Bend’s middle class population. Read More.
Is Housing Affordable in Bend to the Middle Class? (12/1/14)
NAR Chief Economist Projects Strong Home Sales in 2015 (1/1/15)
Chief Economist of the National Association of Realtors (NAR) Lawrence Yun is projecting about a 7 percent rise in home sales in 2015. As the primary reasons for this healthy expansion, Yun points to an improving economy, solid job growth, and rising home prices. Additionally, Yun predicts more first time homebuyers entering the market due to the creation of “new mortgage products” and overall housing confidence with home pricing having risen about 25% over the past three years. However, there are potential “speed bumps” as well, including anticipated rising interest rates and lenders being slow to ease underwriting standards.
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Bend Ranks Among Top 10 Ski Towns for Investing (1/15/15)
The first wave of “boomerang buyers”, those homeowners who lost their homes due to foreclosures and short sales during the 2008 real estate “crash”, are now “re-entering the market” in the Bend and national real estate markets as the seven-year window passes necessary to repair their credit and again qualify for buying a home. An estimated 7.3 million boomerang buyers are expected to re-enter the US markets over the next seven years starting in 2015 and increasing each year in number through 2018 before tapering off until 2022. According to RealtyTrac, the markets most likely to see the most boomerang buyers will be those with the highest percentage of foreclosed homes along with the lowest median home prices and a largest amounts of Gen-X’rs and Baby Boomers such as Las Vegas Nevada, and Merced or Stockton California. However, we expect to see boomerang buyers in all markets including Bend and Central Oregon real estate markets over the next 7 years as buyers are once again able to qualify for home loans.
Boomerang Buyers are Coming Back! (1/29/15)
Bend dropped 2 spots, but still ranks #9 among the top ski towns for real estate investing according to RealtyTrac analyst Daren Bloomquist. Starting with the top 221 ski resorts in the US according to ZRankings, the final analysis used by RealtyTrac included 7 criteria: distance to the nearest airport, unemployment, median home price, yearly price appreciation, rent yields, foreclosure rates, and that “pure awesomeness factor”. Topping the list this year is the ski town of Huntsville Utah which had a median housing price of just $169,950 compared to Bend’s median home price of $249,998.
What Does Falling Oil Prices Mean for Housing (11/20/15)
With oil prices plummeting from over $100 per barrel in July 2014 to about $50 per barrel now, what does this mean for the price of homes? According to Jed Kolko, chief economist for Trulia, it is bad news for anyone living in the oil production states like Houston, Oklahoma City, Tulsa, and New Orleans. These oil rich cities were all particularly impacted with job losses and falling home prices after rapid declines in oil prices in the 1980’s. But it can also be good news for those living in cities that are not oil dependent where home prices and oil prices tend to move in opposite directions thanks to lower cost of driving, home heating, and other activities. A good indicator in our area will be to continually look at asking prices in relationship to current sold prices, which tends to be a leading indicator for about a 2-month window.
Two major economic indicators, the percentage of distressed sales and the level of cash home buyers, continue to trend toward a more normalized housing market nationally - a trend we are also seeing in the Bend real estate market as well. This week CoreLogic reported a reduction in the level of foreclosed homes at the end of 2014 to be just 552,000, down from 840,000 at the end of 2013 (34.3 % reduction). This continues the streak of reduction of foreclosed homes inventory to 38 months in a row. Also, the percentage of cash buyers in the market continues to decline from its peak, where just four years ago one out of every two homes was purchased by a cash buyer. Cash sales at the end of 2014 now make up just 36% of all home sales… a favorable trend, but still quite a bit higher than the pre-2006 rates below 20%. The reasons given by CoreLogic for the number of cash buyers still being high are 1) a higher level of discretionary income among investors, and 2) home buyers are still finding it difficult to get a home loan.
Thanks to these two indicators, the trend remains positive toward a more normalized real estate market both nationally and in our Bend housing market. However, there still appears to be quite a bit of room for more improvements in the future.
Housing Markets Continue to Improve (2/13/15)
National Housing Distressed Inventory
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Bend Continues to be a Seller's Market in 2015 (3/21/15)
You hear realtors say "We are in a buyer's market" or "We are in a seller's market", but what does that mean? What realtors are typically looking at when they determine this is - How many months of housing inventory do we have? The different types of markets are...
Buyer's Market - More than 6 months worth of inventory. Balanced Market - About 6 months worth of inventory. Seller's Market - Less than 6 months worth of inventory.
Bend real estate looks to continue being a " seller's market" for 2015 with currently only 3.6 months of inventory based on closed sales. That means if no more homes were to be put up for sale, we only have 3.6 months of inventory before all homes are sold based on current demand. If we include "pending sales", there would only be 2.3 months of supply. This shortage is also helping the seller's bottom line, as home values are being pushed up as well. The closed sales price for single family homes in Bend is now over $360,000, compared to just $316,000 a year ago.
When will Bend return to a more balanced market? That is harder to determine as expanding the urban growth boundary in Bend continues to be in limbo (developable land is still in short supply), but mortgage rates are expected to rise to about 5% in 2015 (meaning some buyers may be priced out of the market). But until these things happen, we expect Bend to continue to be a strong seller's market through 2015 as buyers continue to look at Central Oregon as a very desirable place to live.