According to the National Association of Homebuilders (NAHB) annual Priced-Out Estimates released earlier this month, 71.5% of Bend residents have been priced out of the Bend real estate market based on a median priced home of $409,281. The household income needed to qualify would be $102,710.  Although the NAHB figures are fairly recent, this number is roughly 73% since the median price of a home in Bend today is closer to $520,000. And for every $5000 increase in the median price for a Bend home, another 700 local residents will be priced out of this market.

These Bend numbers are higher than the national median home price of $346,757, resulting in about 75 million households, or roughly 60% of all U.S. residents, being priced out of the...

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Will Coronavirus Change the Central Oregon Real Estate Market?

With the outbreak of the coronavirus worldwide, which has sickened thousands and created panic and uncertainty in our stock market, we are left to question if the effects will extend to the US real estate market, and more specifically to our local Central Oregon real estate market.

Coronavirus Pushes Down Interest Rates

Mortgage Interest Rates have already fallen to new record lows (3.29% as of March 5^th) as investors are taking money out of the volatile stock market and putting it into safer US Treasury Bonds. Historically, when bonds are strong, mortgage rates go down.

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Home prices in the Bend real estate market have joined numerous other major cities in surpassing the housing boom peak of 2006-2007. Other major U.S. cities that have set new highs according to CNBC News today include Portland, Seattle, San Francisco, Denver, Dallas, Austin, Boston, Pittsburg, and Charlotte. Bend's average home price May through July, 2016 of $432,000 exceeds the previous high of $429,000 reached in the same months in the peak in 2007*. And with June 2016 marking 50 consecutive months of national price appreciation, the U.S. overall is within just 1.1% of a new national record high.

But the big question everyone is asking, is the Bend real estate market in another housing bubble like the one back in 2007? The answer is yes… and no. While we are experiencing once again the rapid growth...

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Great to be a Seller in Bend Oregon

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 mo...

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