Bend Real Estate Blog

Home Prices RiseIn an article published in the Bend Bulleting May 27, 2015, it was reported that Bend has had the highest yearly home price appreciation in all Oregon metro areas. Home prices have increased 9.25% from 1st quarter 2014 to 1st quarter 2015 and over the last five years, home prices have appreciated nearly 36%.  Nationally, Bend has consistently been among the top metro areas for home appreciation since 2014.  For local sellers, this appreciation has been a boom; homes that just a few years ago were underwater are now experiencing multiple offers, which have driven the price up even higher. For local buyers, the increased home values have priced many out of Bend, thereby creating more demand for homes in La Pine, Three Rivers South, Prineville and Redmond.

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Retirement LivingSeems Bend makes about every retirement "Best Places" list, including the annual "Top 100 Places to Retire" recently released for 2015 by TopRetirements.com. Specifically, Bend is recognized as being a great place to retire for "active adults where the outdoors is important". Some of the great features of Bend pointed out in the TopRetirements.com list include a beautiful natural setting, tons of parks and recreational trails, a thriving downtown, endless cultural activities including the Bend Film Festival, many performing arts centers such as the Les Schwab Amphitheater and Tower Theater, continuing educational opportunities with a community and a four-year college, a diversity of housing options including numerous active retirement centers, top notch

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The Bend Oregon Real Estate market continues to be tight as the 1st quarter 2015 data continues to show an extreme lack of inventory and rising prices for single family homes in Bend. The average price per square foot of single family homes has increased 12% over the same time last year with the average sold price up 19.3%. Buyers are still looking and offering creating a scenario in which there are only 1.7 months of Bend homes for sale in all price points.

This lack of inventory has resulted in multiple offers on available homes and extreme frustration for buyers who don’t have their offer accepted even when they offer over asking price. Based upon available land to build on and the current issues with the City of Bend struggling to get permission to

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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

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Cash Home PurchasesTwo 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

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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

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Bend Ski TownBend 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.

 

 

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NAR Home Sales Projections 2015Chief 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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