Experts Predict a Changing Bend Real Estate Market
It is a bit of a puzzle to figure out how the Bend Oregon real estate market will wrap up the year. Experts are really struggling right now when it comes to forecasting where our market is headed in terms of home prices and interest rates. As put by CNBC, "Fall is usually the start of the slower season for the housing market, but nothing is usual in today's pandemic-driven housing market."
2019 was an excellent real estate year across the country, but the 2020 market was truly unique when the pandemic initially tanked Bend real estate sales and then on the rebound, sales were escalated beyond what had ever been seen. Work from home orders provided an opportunity for homeowners to rethink where they lived. This resulted in locations such as Bend Oregon, which offered the lifestyle so many enjoyed, seeing a surge of homebuyers. Lack of available inventory drove home prices skyward and panic buying resulted in multiple offers and less than 2 weeks inventory of Bend single family homes.
In predicting 4th quarter sales, the 2019 market needs to be looked at as well as 2020 and what what has happened so far in 2021.
The second half of 2020 basically made up for the lack of sales immediately post the initial Covid-19 slow down. The first part of 2021 continued this trend with the major problem still being the lack of inventory. Which leads us to ask - when will inventory levels grow to a more balanced Bend real estate market?
Experts are looking at 3 potential options for listings in 4th quarter:
- Inventory levels will grow to above those seen in 2020 following the trend we started to see in July.
- Inventory levels will flatten and remain steady the remainder of 2021
- Inventory levels will drop as homebuyers take their homes off the market.
However, many experts who study real estate trends believe the following will happen:
- Pent up selling demand will provide for more Bend homes hitting the market as Bend homeowners become increasingly comfortable selling their homes to increasingly vaccinated homebuyers.
- New Construction will continue and offer more options to homebuyers as new homes are completed and available to purchase.
- The end of the federal Forebearance program will result in more listings - not in foreclosure but due to high home prices, homeowners who are behind in their mortgage payments selling their properties and pocketing the equity.
Whether you are a buyer or a seller, Bend Premier Real Estate brokers know how to navigate this changing real estate market. Connect with your broker today to learn first hand the current trends.
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