29 articles found with the search of "repairs"

High Interest Rates Impacting the Buying Power of Bend Homebuyers

Although the 30 year interest rate has moderated a bit from its high of 7.08% hit November 10, 2022, the rapid increase in mortgage interest rates we have seen since the beginning of 2022 has greatly impacted our buyer's purchasing power. Many buyers are regretting that they didn't buy several months ago before rates rose to the levels they are now. But is it really cheaper to buy a Bend home today than it was six months ago? Let's look at the true difference between these two markets and see what the numbers actually say.

 In April, we were still living under high demand for Bend homes and a $500,000 property hitting the market would often generate

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Bend Home Prices Up With Inventory Levels Down

Central Oregon is now in the fall season and typically during fall, Bend real estate sales drop. However, Bend single family home sales in October 2020 were anything but typical with sales breaking historic records. Speed forward to October 2021. While lack of inventory is still impacting prices, compared with the frantic fall sales of 2020, home sales in October 2021 seem more measured with offers often undergoing counter offers and negotiations on home repairs back with most transactions. This is a win for Bend homebuyers and for sellers, a strong sellers' market makes it a great time to list.

When October 2021 is compared with October 2020 for Bend single family homes on less than an acre, the following changes can be seen:

• Average sales price up 15.9% to $767,405*
• Median sales price up 15.8% to $645,000
• New listings down 30.6% to 159
• Homes for sale down 56.6% to 238
• Pending sales up 46.5% to 372
• Sold homes down 16.2% to 212
• Median days of market up 100% to 8
• Months of supply down 61.5% to 1
• Average price per square foot up 20.8% to $384
• Median price per square foot up 17.3% to $353
• Average percentage of list price received down .9% to 100.6%
• Dollar volume of closed sales down 2.9% to $162,689,776

As can be noted, home sales are down, new listings are down, inventory levels are down and prices are up. There is still a significant demand for Bend single family homes which continues to drive home prices. 

Predictions For Bend Real Estate Sales the Rest of 2021

Despite cooling temperatures as we move toward late fall, Bend home sales are still strong - and we anticipate they will remain this way through the remainder of 2021. Mortgage interest rates are predicted to rise in 2022, but as long as rates stay relatively low, homebuyers are purchasing. We predict more of the same through the rest of 2021.

January 2021 Bend Real Estate Sales Continue 2020 Trends

If we were to use one phrase to summarize January 2021's Bend single family home sales on less than an acre, it would be "more of the same." The 2020 Bend home sale trends since getting over the initial shock of the Covid-19 pandemic have been monumental and the start in 2021 appears to be continuing the movement.

However, there is one "more of the same" comment that needs to be made when looking a sales trends. According to the Beacon Appraisal Group report, both Bend and Redmond have once again set new record high sales prices. For January 2021, Bend reached a new high median sales price of $577,500 while Redmond reached a high median sales price of $377,000. For Bend, this is $20,000 over the last record set in October of 2020, with gains once again blamed on extremely tight inventory levels.

When January of 2021 is compared with January 2020 for Bend single family home...

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Bend Home Prices Still Going Up

Will the top of the market come anytime soon?  We are often asked that when we work with buyers. The Bend Oregon real estate market has been strong since coming out of the recession and prices have risen yearly since 2011.  2019 has followed the trend with Bend home prices up each month over the same time frame in 2018. Extremely low inventory persists and the demand for Bend homes remains high.

The real estate data on Bend Oregon single family home sales for October 2019 have been published and the following changes can be noted when compared with October 2018:

• Bend homes for sale down 5% to 480*
• Bend homes sold down 1.8% to 221
• Bend homes pended up 21.4% to 221
• Days on mark...

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