What’s Really Happening with the Real Estate Market in Oregon?

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real estat bend oregon

There’s no denying that the Real Estate Market has been booming and the demand for homes is up across Oregon but according to some economists the demand for homes hasn’t increased as much as has been reported elsewhere.

Thanks to a recent article by Oregon’s Natural Resource report we know that mill inventories across Oregon have dropped in the last few months and also the demand for building permits has also stalled as well.

When both of these factors are combined together it is a cause for concern because, with higher demand for homes and low inventory there will be more people flocking to the rental market at least temporarily and this will raise rental prices across Bend and Central Oregon.

Home Ownership Lowest Since 2004

Yes the Real Estate and economic recovery has been great over the last couple of years but the reality is that home ownership is still only 64.8 percent in the United States compared to close to 70 percent in 2004.

20% of Homeowners Still Underwater On Real Estate Market

What will it actually take for home construction to increase and keep up with the demand for homes in cities like Bend, Sunriver, Redmond, and Prineville?

More homeowners will need to see dramatic equity increases in their homes until they are able to sell since close to 20% percent of homeowners across the United States still have underwater mortgages.

Companies like Redfin are predicting that the last 20% percent of underwater homeowners could have to wait up to five more years until they have regained enough equity in their homes to sell them.

For more information about the latest Real Estate Market news or to view Bend Oregon homes for sale contact me today by calling (541) 383-1426.

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