Posts with tag 'bend real estate trends'
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If Only I had Bought my Bend Home Six Months Ago
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.
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In April, we were still living under high demand for Bend homes and a $500,000 property hitting the market would often generate
9
Bend Premier Real Estate | November 2022 Newsletter
What's in the November 2022 Newsletter?
- There are Many Questions with Bend Home Sales
- Green Lakes in the Fall
- Home for the Holidays - Thanksgiving
- Bend's Next Best Taco?
- Homeownership Wins Over Time
7
Bend Oregon Real Estate | October 2022 Trends
There are a lot of Questions with Bend Home Sales
As we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels. It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.
When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted:
- Average sales price up 6.4% to $823,360*
- Median sales price up 4.4% to $680,000
- Average list price up 17.6% to $934,365
- Median list price up 4.7% to $725,000
- New listings down 23.2% to 129
- Homes for sale up 34.5%...
19
Bend Premier Real Estate | October 2022 Newsletter
What's in the October, 2022 Newsletter?
- The Brakes Have Been Hit with Bend Home Sales
- Fun Facts You May Not Know About Halloween
- Horrifying Design Trends 2022
- The Journey to Buy a Home
10
Bend Oregon Real Estate | September 2022 Trends
The Brakes Are On With Bend Real Estate Sales
Ask any real estate agent across the country about the current state of the market, they will tell you things have changed dramatically since earlier in the year. Ask a Bend Premier Real Estate Broker about the local market, they will tell you that it is as if the brakes have been hit stopping a jet plane. The fed's increase in interest rates is being done to curtail inflation. When it comes to the housing industry, this tightening is working. Bend home sales are falling, days on market are rising, yet home prices are still up. Mortgage interest rates are now approaching 7% for a 30 year fixed, a figure which hasn't been seen since 2002. Each percentage increase in interest rates reduces homebuyer's buying power by 10-12%. As the number of pending...