Bend Real Estate Blog

How Will State Wide Rent Control Impact Rentals?

For Rent

Oregon has the distinction of becoming the first state in the United States to pass state wide rent control. California attempted to do this last fall, but it failed at the ballot box. Several large American cities, such as New York, have rent control laws, but no state until now.

The law as written will limit the rent increase in to 7% above the annual change in the consumer price index. It also prohibits landlords from terminating month-to-month leases without cause after 12 months of occupancy. There is an exception to this last - for those tenants who receive three lease violations within a 12 month period and the landlord provides them written notice within 90 days.

How this new law will

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Bend Single Family Home Prices Have Grown

Bend Real Estate TrendsOver the past 8 years, the sales price of a Bend single family home has grown by 129%. The average sales price at the end of 2010 was $223,000 and $510,000 the end of 2018. During the same time period, the average active price of a Bend single family home has gone up 91% from $373,000 in 2010 to $711,000 the end of 2018.*

This growth in the price of a Bend home has led to an affordable housing crisis with the average Bend family questioning whether or not they can afford to purchase a single family home in Bend; for many the answer is no.

 

How Much Home Can a Bend Family Purchase in 2019?

According to Deschutes County records, the median annual Bend household income in 2018 was $67,727. Chris

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Bend Premier Real Estate Announces Two New Brokers

Kacey TaylorKacey Taylor

Born and raised in Oregon, Kacey has a deep love for everything that this wild state has to offer. She and her family moved to Bend in 2012 to be closer to all of the things that they love to do in the outdoors. Kacey is a people-person through and through - and she thrives on helping her clients navigate every detail of the most important and exciting purchase of their lives. She loves to build long-lasting relationships, and to play matchmaker between people and place. And if you need an insider tip on anything from best food cart to favorite Nordic trail - she's your go-to!

Kacey has worked with other real estate companies over the years (both boutique and national), but she's truly

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Bend Home Sales Showing a Decline in Early 2019

Trends ShiftingThose of us involved with day to day real estate sales have "felt" a change in the market for several months. Bend home prices which have been rising for the last several years have continued to grow, but sales have been flattening. Buyers which were so ready to purchase have developed a "wait and see" attitude and the homes which were so quick to sell not long ago are taking much longer.

If the sales data for Bend Oregon single family residential homes from January 2019 is compared with January 2018, the following changes can be noted:

  • Homes for sale down 4% to 382
  • Homes sold down 12.6% to 125
  • Homes pended down 27.6% to 144
  • The average price per square foot is up 7.5% to $245
  • The
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Bend Premier Real Estate Top Producers for 2018

Bend Premier Real Estate Top Producers 2018

At a recent lunch meeting, the Bend Premier Real Estate top producers for 2018 were announced. All Bend Premier Brokers contributed to the success of the brokerage in 2018, but special recognition was given to those in various categories:

  • #1 Top Producer Dana Furlan
  • #1 Top Team - Pattie Serbus
  • #1 Top Individual Sale - Jen Chapman & Robert Curzon
  • #1 Rising Star - Danielle Gates

Recognition was also given to the top 10 in total sales:

  • Sherry Ortega
  • Cate Cushman
  • Jacque Martini Roberts
  • Kathy Hovermale
  • Rob Lindberg
  • Tina Roberts
  • Laura Curry
  • Eric Andrews
  • Liz Shatterly & Elizabeth Ueland (tie)

Brokers who offered additional, unique contributions were

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FIRPTA is a Real Estate Transfer Tax for Foreign Sellers

FIRPTA TaxThe Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) authorized the United States to tax foreign persons (and entities) on the sale of United States real property interests. This withholding tax is to be collected at the closing of the sale and amounts to 10% of the purchase price if the sale is over $300,000 but less than $1,000,000 and 15% of the purchase price if the sale is over $1,000,000. For sales less than $300,000, provided the buyer occupies the residence at least 50% of the time, there is no tax collected.  Typically in Oregon, this withholding tax is collected at closing by the escrow company and forwarded to the US Treasury.

The problem comes when the seller is a

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Is the Bend Real Estate Market Overpriced?

Leap into 2018 Bend Real Estate Trends

The figures are out and the trends we have been following over the past year were again seen in the December 2018 Bend residential real estate sales figures. December 2018 saw a dramatic reduction in Bend home sales on less than an acre compared with December 2017:

  • Numbers of homes for sale down 10.4% to 396
  • Numbers of homes sold down 15.9% to 159
  • Numbers of homes pended down 14.4% to 131
  • Average price per square foot on sold homes up 3.8% to $244
  • Sold price to original listing price difference down 2.1% to 95%
  • Average days of market up 2.8% to 111
  • Months of inventory up 8.6% to 2.5 (based on closed sales)
  • Average active price up 5.6% to $701,000
  • Average sold price up 14.3% to
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Bend Oregon Luxury HomesBend Luxury Home Sales Rise in 2018

The Bend high end real estate market grew considerably in 2018.  Million dollar homes, including those built for speculation, have sold at larger numbers than those in 2017 with the greatest percentage increase in the $1,300,000 to $1,699,999 range (up 42.9%). **

For available inventory, the numbers of homes in the $2,300,000 and up range grew by the largest percentage with 50% more properties available in 2018 than in 2017. The months of supply fell in all categories except the highest where the inventory levels are now at 17.2 months (up from 10.9 months in 2017).

Pending sales were also up with the greatest percentage increase in the $1,300,000 to $1,699,999 category with an increase of 63.9%  There were 59

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Bend Commercial Real Estate Impacted by Lack of Inventory

Historically, our local commercial real estate market trends above the national averages. Our Central Oregon area commands very aggressive CAP rates due to supply and demand; when you put a magnifying glass to our market, we have very little Industrial property For Sale/For Lease and it would appear that the Urban Growth Boundary expansion recently passed will not solve this immediate problem. Our local market in most cases this year has positive absorption rates for office and retail as well. Commercial Market Conditions

What’s Up on the National Front?

Our local commercial real estate market trends about a year behind what we experience in the residential market. This is consistently true and while residential

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Bend Real Estate Trends Mixed in November

Bend Real Estate Homes For SaleThe data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen:

  • Homes for sale down 7.3% to 456
  • Homes sold down 16.7% to 170
  • Homes pended up 4.1% to 153
  • Average price per sq ft up 6.6% to $243
  • Average days on market up 9.6% to 114
  • Average active price up .9% to $663,000
  • Average sold price up 11.7% to $516,000
  • Median sold price up 11% to $433,000
  • Months of inventory up 12.4% to 2.7*

Why are Bend Home Sales Slowing?

Closings were down significantly in November which can be contributed to the softening Bend home sales

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