Median sales price in Bend inches up to another record

The residential real estate market in Bend, Oregon, continued in September to reach new heights for sales prices, but the increases remained modest.

In September, for the fourth month in a row, the median sales price of a home in Bend reached a record high. Although the market still appears to be strongly fueled by committed buyers and to be tilted toward sellers, some data points indicate the market might be leveling off.

September’s median sales price of $416,500 was up $2,500 from August’s median price. That’s a 0.60 percent month-to-month increase.

The first month of this record-setting run came in June, when we saw a 7.9 percent increase from the month prior. The increase in median price since then has been by less than 1 percent each month.

Each of the three months before September, the year-over-year increase in the monthly median sales price was at least 10.5 percent. Comparing September 2017 to the same month the year before, however, the median price was 8.0 percent greater.

Inventory of homes in Bend rises

Turning from sales price to the supply of homes, we see more evidence that the Bend real estate market might be nearing a peak. The inventory of homes for sale in September was 5.7 months – the highest since September 2014.

In previous blog posts, we’ve noted that the overall inventory of homes in Bend is skewed by the supply of homes at the high end of the price spectrum. That remained true in September, but even at more modest price ranges, inventory increased in September.

Homes in the $425,100 to $525,000 range had an inventory of 3. 4 months in September. That is the highest inventory in that price range of Bend real estate since we saw a 4.8-month stock of homes in January 2016.

Only in price ranges more than $725,100 did September’s inventory exceed 3.4 months.

As a reminder, the inventory signifies the length of time it would take to sell all of the homes currently on the market given the current pace of sales. A common dividing line between a seller’s market and a buyer’s market is six months of inventory.

Prices generally high in September

It’s also worth noting that in three of the previous four years, the September median sales figure turned out to be the highest month in that calendar year.  And the average days on the market in September was 114 days – considerably lower than in July (141 days) and August (136) but higher than in September 2016 (104).

As we head deeper into fall and the winter, which is traditionally a slower season for real estate, having an experienced, ethical Realtor on your side can make all the difference in the satisfaction you take from a real estate transaction. My knowledge of the Bend real estate market can work to your benefit, whether you’re in the market for a home or considering selling. To learn more about how I can assist you in your transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Why Overpricing Your Bend Oregon Home Will Have DAMAGING Effects

Bend Oregon Home

By: Jason Boone 

BEND, Ore. – If you’re thinking about selling your Bend Oregon Home in the coming months one of the WORST things you can do is overprice your home because this will only have damaging effects and keep buyers away who may have been interested in buying your home.

A Home Is Only Worth What Buyers Are Willing To Pay For It

Although your friend, family member, or co-worker may have been able to overprice their Bend Oregon Home when they sold it during the 90’s the reality is that in any Real Estate market a home is only worth what a buyer is willing to pay for it.

Buyers in 2015 have more resources at their disposal than they did 15 or 20 years ago and they will be able to know within a few minutes if your home is really worth what you are asking for it or not.

Don’t Scare Off Buyers

Yes, you may be tempted to overprice your home because, there’s a huge demand for Bend Oregon Homes right now but the reality is that overpricing your home WILL scare off buyers and this will result in your house sitting on the market for a lot longer than you originally expected.

Sadly, the longer a home sits on the Bend Oregon Real Estate market buyers will begin to wonder “what’s wrong with that home?” and they will focus on other homes for sale in Bend, rather than view your house.

Besides buyers losing interest in your home locally another consequence of overpricing your Bend Oregon Home is that it will ultimately fall off search results on websites like Zillow and this means you will have a lot less interest in your home than you originally expected.

Use the Correct Pricing Strategy

To price your Bend Oregon Home correctly consider using one of these pricing strategies.

#1 – Price your home at just below market value – If you list your home at just below market value this will attract the attention of buyers who see your home as a great “deal” that they want to investigate.

#2 – Price your home at market value – You may not be excited about this strategy but the truth is that when your home sells at least you will be able to sell it for what it’s worth.

#3 – Be willing to negotiate – Yes, you should still be willing to negotiate in 2015 because there will be some buyers who ARE interested in buying your home but it’s in their nature to negotiate so don’t drive them away by turning down their offers, be open to negotiating and you may be able to sell your home for MORE than what it’s worth.

Sell Your Bend Oregon Home

For more information on selling your Bend Oregon Home contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by CLICKING HERE to email me.

BEND OREGON REAL ESTATE – FIRST TIME HOME BUYER TIPS

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By Jason Boone

In the Real Estate world, May 1st typically is symbolic of the start of the Spring Season since more people will be thinking about buying Bend Oregon Real Estate, or selling.

If you plan on buying a home in Bend Oregon here is an “action plan”, or things you need to do if you’re a first time home buyer.

#1 – Check Your Credit Score

Before visiting a mortgage lender it’s a good idea for you to check your credit score since this will enable you to know without a doubt if your credit score is ready for you to apply for a mortgage loan or not.

Tip – When checking your credit score you might find old bills which went to collections on your credit report, or items that are just downright false; it’s best to deal with these items BEFORE you apply for a mortgage loan since this will help you to boost your credit score and get the mortgage loan you deserve.

#2 – Get Pre-Approved For a Mortgage Loan

Instead of getting pre-qualified for a mortgage loan (like everyone else), it’s best to get pre-approved for a mortgage since pre-approval means you will know the exact amount of money you can spend and this will help your agent find a home within your budget.

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#3 – Decide How Much Money You Want To Spend Monthly on a Home

Home ownership doesn’t just encompass your monthly mortgage payment, you have to also think about your principal amount, interest, property taxes and homeowners insurance which you may have to pay.

Besides the regular expenses with owning a home, you will still also have to pay your bills and cost of living so it’s best to think about what you can REALLY afford before you begin shopping for a home.

Buy Bend Oregon Real Estate

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To get started with buying Bend Oregon Real Estate contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to connect with me through my website.

Bend Oregon Real Estate – Your Start to Wealth Building

Real Estate Wealth Building

Bend Oregon Real Estate

 

By Jason Boone

 

At one point many people decide to invest in Bend Oregon Real Estate since they need to buy homes for their families but what they don’t realize is the important fact that home ownership is also the start to wealth building.

 

What a Mortgage Really Does For You

 

Did you know that a mortgage actually functions as a “forced” savings plan where your deposits will continue growing over time?

 

This is especially true the longer you own a home since you will build equity in your home over time.

 

Down the road you will be able to use that equity in your home to invest in more Bend Oregon Real Estate or other wealth building products which will benefit your retirement.

 

Better Appreciation than Other Investments

 

The longer you own a home in Bend, the more you will benefit from appreciation over time.

 

A recent study done by Harvard showed that home owners who owned their own homes between 1975 and 2012 realized an adjusted gain of at least 30% over the span of 30 years.

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Protection From inflation

 

What’s also great about owning a home is you will also enjoy further protection against inflation by locking in your payment during the period of time you own your own home.

 

The longer you own your own home, the better, since with inflation your “real payment” will decline as inflation causes rents for Bend Oregon Real Estate to increase in the years to come.

 

Many Tax Benefits with Bend Oregon Real Estate 

 

Last of all, but most important, owning a home does come with the advantage of tax benefits.

 

For example: If you buy Bend Oregon Real Estate you may be able to take advantage of the well-known mortgage interest rate deduction which will enable you to deduct your annual interest which you’ve paid into your property every year and property taxes up to $500,000.


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To learn more about the benefits of home ownership or to view homes for sale across Bend Oregon contact me, Jason Boone, Principal Broker with Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.

What Are Home Buyers Really Searching For On The 2014 Bend Oregon Real Estate Market?

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The face of the Bend Oregon Real Estate market is changing; in 2013-2014 more home buyers than ever before are changing what they are looking for in a home and if you’re planning on selling your home this year you can sell your home quickly especially if it matches this new home buying criteria.

Quality of Neighborhood

Thanks to the recent National Association of Realtor’s profile of buyers and sellers we know that the top thing that concerns most home buyers in Bend and across the country these days is the quality of the neighborhood that they move to.

In today’s world the average home buyer on the Bend Oregon Real Estate market expects to stay in a home for at least 15 years so it’s important for them to find a quality neighborhood that will be the right place for them and their family to evolve over time.

Convenience to Work 

Another great thing about buying a home on the Bend Oregon Real Estate Market is that you’re close to everything here including the best jobs.

It’s understandable that a home buyer wants to be closer to their job because, in 2014 parents want to spend more time with their children and less time commuting to work than they did in the past.

In Bend you’re just minutes away from our best companies like Bend Broadband and a short drive from some of Central Oregon’s best employers like Sunriver Resort.

Close To Schools

Besides quality of quality of neighborhood and proximity to their jobs, another important thing that people want when searching for homes on the Bend Oregon Real Estate market is to make sure that the home they purchase is close to good schools.

In Bend there are many great schools to choose from in the Bend-La Pine School district including: Cascade Middle School and Bend Senior High School so that parents who send their children to school in Bend can have confidence that their children are getting a great education while being close to home at the same time.

To learn more about the benefits of buying a home during the 2014 Bend Oregon Real Estate Market, or to view homes for sale in the area, contact me today by calling: (541) 383-1426.

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