Posts with tag 'Bend New Construction'

Bend OR Builders Cannot Keep Up With the Demand

Everyone living in Bend should be aware that a lot of new residential homes are being built. Just drive through town and new subdivisions and new in-fill on what used to be open space are popping up throughout the city. Builders are finding it difficult to keep up with the demand and people working in the building trades are stretched thin with far more work than they can handle. This demand is  leading subcontractors to charge more to keep their employees well paid and to make a good profit, suppliers charging more for their building materials, and home prices for new construction rising as a result.

When comparisons are made between new residential construction over $1,000,000 from 2016 to 2017, the following statistics can be noted:

• Homes for sale up 6.3%
• Homes sold up 66.7%
• Homes pendi...

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Buying a new home can be one of the most exciting real estate experiences for homeowners. Besides the possibility of picking out colors and interior finishes, being the first to hang a picture, to cook in the kitchen, to move in furniture can all  create memories which turn a new house into a home to treasure for years to come. However, there are several things which home buyers need to be aware when purchasing a new home.

First, when buying in a subdivision, typically the asking price is the price a buyer should expect to pay. The builder, unless he/she has excess inventory which is not moving, needs to keep the price where it is so that future homes he/she builds have good comparables. Sometimes a buyer can negotiate a refrigerator, A/C, fenced backyard, backyard landscaping to be included at the list price, but it is very difficult to get the builder to reduce the asking price. And the earnest money put down on t...

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Anyone who lives in Bend cannot help but be aware that new construction is occurring all over the city. It is hard to find a Bend neighborhood that does not have a new home going up, if not there, then just a few blocks away.

With all the new homes being built, what are the Bend real estate trends that we see? According to TrendVision, data through July, 2016 reflect strong sales in Bend new construction. When comparisons are made to July, 2015, the sales of new homes in Bend are up 26% with the average price per square foot up 28.9% during the same time from $190 per square foot in July 2015 to $245 per square foot in July 2016. The days on market remain unchanged over the same period.

Reflecting a strong sellers' market, the price of new homes in Bend is rising at a greater rate than resale homes.  The average price now in Bend for a new home is $487,000; the same time last year the price was $372,000, an increase of 30.9%. And the inventory remains very tight,...

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We have known for the last several years that the increased demand for Bend housing has pushed prices upward. The cost of a single family home has gone up 11% over the last year to almost $200 per foot while the amount of available inventory has dropped over 20%; the average price of a single family Bend home is now $389,725 (COAR MLS statistics). People continue to move to Bend, loving the Central Oregon lifestyle. However, we are now at a place where the price to live here can exceed the budget of many locals. How did we reach this situation? Bend is not the only American community experiencing a housing crisis. According to Lawrence Yun, the National Association of Realtors® chief economist, 3 million American homes which should have been built over the last 6 years were not. These 3 million homes were the minimum amount needed to keep up with the country's growing population but they were not built, mostly due to banking's hesitation to finance new...

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