November housing data moderates in Bend as winter approaches

downloadBy Jason Boone

The residential real estate market in Bend, Oregon tends to slow during the winter months. Typically beginning in November, the colder weather combined with the holiday season often sends potential home buyers and sellers into temporary hibernation, leading to fewer new listings and the whittling down of inventory.

November 2015 was no exception, according to data recently compiled by the Skjersaa Group.  The median sales price in Bend on 141 sales in November landed at $321,500, down from $339,950 in October and the lowest monthly median since April. The year-to-date median — the number where half the homes sold for more and half less — fell from $329,000 in October to $328,000 in November.

This is no surprise. A closer look at the data reveals an ongoing winter trend that has developed since the Bend market began to pick up steam in 2013. The monthly median — which fell from $295,000 in October 2014 to $290,000 in November 2014 — has dropped from October to November for three straight years.

Nov 2015 Median

More than that, the number of active listings in Bend slipped from 565 in October to 508 in November, continuing a trend of October-November inventory declines that also began in November 2013. And the number of new listings slipped to 143 in November from 236 in October, while the total months of inventory increased to 5.2 from 3.8.

By now you probably get the idea.

Why is it important? A knee-jerk reaction might lead someone to mistake the moderations in the November data for something more troubling. But in reality, such predictable trends give a sense of normalcy to the market. And predictability is often a good indicator of a healthy market.

In addition, the slower market can also present unique buying opportunities, even if there are fewer active listings. Fewer listings are typically met with fewer buyers, and the average days on market hit 138 days in November, up from 109 in October.

Of course, there is more to learn from the data. Some other notable items from the report include:

  • The most competitive segment of the market remains homes priced from $225,100 to $325,000. That price range saw 68 homes sold in November, down from 78 in October. With 115 active listings, there was just 1.7 months of inventory in November and the average days on market for each home was just 110 days, the shortest of any price range in Bend.
  • Conversely, there were just 11 sales of homes listed for $625,100 or more in November, down from 20 in October. There are now 143 homes listed in that range and 13 months of inventory, which is up from 7.8 months in October.
  • Homes priced from $425,100 to $525,000 saw the only month-over-month decline in inventory, dropping from 6.1 months in October to 4.8 months in November.
  • For the entire market, the average sale price was 99 percent of the average listing price, up from 98 percent in October. The November tally is equal to the average for the year. In November, homes priced from $125,000 to $225,000 (101 percent) and homes priced from $325,100 to $425,00 (100 percent) beat the annual average.
  • For the 14th consecutive month home inventory was held at less than six months, the time considered to be a balanced market. But the 5.2 months of inventory in November crept closer, and is a full month more of inventory than the 4.2 months in November 2014.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Bend median home price stays strong in October

Bend Oregon Home For SaleBy Jason Boone

The upward trajectory of the Bend, Oregon housing market continued in October 2015, extending a four-year recovery trend from the depths of the Great Recession. Bend’s October median home price came in at a robust $339,500, according to data recently compiled by the Skjersaa Group. The year-to-date median — the number where half the homes sold for more and half less — sits at $329,000.

Both median prices represent a significant year-over-year gain. In October 2014, the median sat at $290,000 both for the month and year to date. Of course, anyone with a memory remembers the scariest days of the recession, when the median home price in Bend bottomed out at $169,950 in February 2011.

Despite the dramatic gains, though, the Bend market is closer to balance than some might think. For one, the median home price is still well below the statistical high point hit in May 2007, when the median price in Bend hit $396,250.

And contrary to what many folks who see all those For Sale signs might believe, there is not a glut of homes on the market right now. In fact, that appears to be far from the case.

The number of active listings is significantly fewer than the waning days of the housing boom. In September 2007, 1,587 active listings were on the Bend market. And in February 2009, the months of inventory sat at 47.7 months.

Contrast that to today. Right now there are 565 active listings, which is less than the 638 on the market in October 2014. And in October, the Bend market had just 3.8 months of inventory of homes for sale. In fact, the market has averaged just three months of inventory year to date.

What does that all mean for buyers and sellers?

Six to seven months of inventory in Bend is considered a balanced market, which means the market still is favoring sellers. But there are signs that the Bend market does seem to be moderating after nearly four years of gains, which countered three years of losses.

Moderation, of course, is good news for most everybody.

Knowing what trends have developed can give both buyers and sellers an advantage in the market. Here are some other interesting tidbits that can be gleaned from the data:

  • The earlier in the year the better for sellers. More and more homes are hitting the market as the months get warmer. Since 2013, the first half of each year has produced far fewer price reductions. In April 2015 Bend saw 79 price reductions. In May, that number jumped to 138 and had climbed each month since before falling back to 145 in October.
  • The months of home inventory has held under six months during each month since September 2014. Until it reaches six months of inventory, though, Bend will be considered a “seller’s market.” The market for homes of less than $425,000 was the most competitive, with less than two months of inventory.
  • The average selling price so far this year has been 99 percent of its listing price. And the average days on market has been 120 days. Not surprisingly, in October homes between $125,000 and $225,000 (a small group that accounted for just 10 sales) spent the fewest days on market at just 85 days.
  • In October, there were 194 homes sold, which is fewer than the 207 sold in October 2014. So far this year there has been an average of 202 sales per month, which is up from the 183 per month through October 2014 and the 186 per month in 2013. The statistical low was in 2008 with a shocking average of just 68 sales per month.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

5 Tips for Buying a New Bend Oregon Home

5 home buying tips

By Jason Boone

If you drive around Bend these days it’s easy to see that there’s plenty of new home construction going on, especially in Bend’s best developments like Northwest Crossing, but even though buying a new home may be an exciting prospect there are 5 things you should do to make sure you buy the home that’s right for you.

Tip 1 – Make Sure You Get It Your Way

As someone who has been thinking about buying a new Bend Oregon Home you are in the unique position of being able to choose the design features and materials you really want in a home, but choosing what you really want does take work.

Take the time to search online, visit local home improvement stores and check out model homes in Bend so you can be 100% clear on the exact materials and features you are really searching for in a home because, this will make the builders job easier with serving you and it will also keep you happy with the home for years to come.

Tip 2 – Know Exactly What You’re Getting

After you’ve taken the time to tell the builder what you’re really searching for in a brand new Bend Oregon Home make sure you know exactly what you’re getting in the home you’re going to purchase by getting everything in writing.

Tip 3 – Confirm There Is A Process for Making Changes to Your Home

Let’s say you find out when you move in that the home has different fixtures or features than the model home you originally toured. To avoid the hassle of disputes with the builder make sure there is a process for making changes to the home after you moved in (if needed) so you will be completely satisfied with the home.

Tip 4 – Learn More about the Warranty

Although older homes don’t come with many guarantees after you buy them, with a new home you do get a warranty, and it’s important to confirm what exactly the warranty covers just so you can deal with problems after you move in.

A typical home warranty will cover things like: warped floorboards, water tanks which were not installed correctly or fixes to the exterior of your home.

One thing to keep in mind is that although a warranty will cover many things which may need to be fixed in a new Bend Oregon Home after you’ve moved in you will still have to purchase homeowners insurance to cover things like damage you may have caused in the home.

Tip 5 – Get the Home Inspected

Last of all, but most important, you will still need to have the home inspected even though you’re buying new Bend Oregon Home and not a used one.

Hiring an inspector to thoroughly inspect a new home is an important step before moving in because it will also enable you to confirm if the construction company skimped on materials, installed appliances the right way and built everything up to code.

If mistakes were made the home inspector can catch them before you move in and save you tons of time, money and the hassle of dealing with problems after you move in.

To learn more about what to look for when buying a new Bend Oregon Home or to view homes for sale in the area contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at Jason@sgbend.com.

How to submit an offer on a home

submit offer bend oregon home

Simple Tips to Help You Buy the Home That You Really Want Without the Headaches

By Jason Boone

Buying a home will be one of the most exciting things that you will ever do because, for the first time you will have the keys to your own home in your hands but before you can get those keys you must submit an offer on the home that you want to purchase.

Don’t Submit a Low Ball Offer

Before deciding on how much you should offer on a home it’s important to make sure that your offer is in line with other homes that have sold in the same neighborhood or area recently.

You can confirm how much the home that you want to purchase is really worth by having your Realtor do comparable research of homes that sold recently just so you don’t run the risk of submitting an offer on the home that’s far lower than what it’s worth.

Down Payment

As a buyer you should put down no less than 3% of the offer that you make on a home because, your deposit will show the seller that you are willing to take the risk and are serious about purchasing their home.

Contingencies

When purchasing a home in Bend or anywhere else across Central Oregon it’s important to remember to always use contingencies like the following: buyer investigation a loan approval contingency.

Contingencies are meant to protect YOU, the buyer but it’s also important to remember to use short contingencies too because, you want escrow to close quickly.

Terms

Make it as easy as possible for the seller to do business with you by doing the following:

• Don’t ask for credits until after your offer has been accepted.
• Work with the seller on issues like choosing a title company.
• Make the transition as easy for the seller as possible including being willing to rent the home back to the seller until they are able to purchase another home and move.

For more tips on buying a home in Bend or to view the latest homes for sale in the area contact me, Jason Boone Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426.

2014 Real Estate market – What Buyers Don’t Want To See In A Home

home buyers

Are you thinking about selling your Bend Oregon home?

Before listing your home on the 2014 Real Estate market it’s important to know what are the biggest turn offs that home buyers don’t like to see when they are house hunting.

Overpricing

Overpricing your home is the top mistake that you can make because, in today’s Real Estate market every home buyer has access to the Internet and they can easily look up your home value online to verify if it’s overpriced or not since no home buyer wants to pay more for their mortgage

Smells

If you have dogs, cats or pets of any kind make sure that you eliminate all smells that are in your Bend Oregon home because, you may love your home and enjoy it but if a home buyer with a sensitive nose visits they could be turned off by your home’s smells and you could lose a potential home buyer.

Clutter

Yes, clutter is a big turn off to home buyers because, it makes your home look unorganized and it also hurts the sale of your home because, the buyer will think that your home is smaller than it really is.

Lack of Maintenance

When was the last time that you fixed nagging maintenance issues in your home like non-functioning light switches or broken fixtures? Home buyers hate seeing a home with deferred maintenance because, they will question what else is wrong with the home.

Dark or Out Dated Décor

You may love the retro 1970’s décor of your home but to a home buyer that décor will make your home look out dated and cause them to submit a lower offer on your home than it deserves because, they will be seeing all of the redecorating that needs to be done.

For more tips on what buyers don’t like during their house hunts contact me today for a free Real Estate consultation by calling (541) 383-1426.

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What Hidden Gems Should You Be Searching For In A Home?

bend oregon home

What are the “hidden gems” in Real Estate? If you ask any home buyer they will tell you that the hidden gems are: updated kitchens, spacious bathrooms or open floor plans but the reality is that there really are more hidden gems in Real Estate than every home buyer realizes.

Awesome View

In a recent infographic released on www.activerain.com 69% of Realtors surveyed said that a home with an amazing view could be considered one of the most important hidden gems in a home.

Other Realtor’s that were surveyed felt that neighborhood quality, great schools and a home with a new roof could be considered important hidden gems that any home buyer should be looking for in a home.

Quality Of Life

What’s interesting about the Active Rain survey is that most Realtor’s agreed that the features in a home that improve the home owner’s quality of life are:

  • Backs up to a green space
  • Outside living space
  • Extra yard space
  • Large yard

It seems like more Realtor’s are focusing on the features of a home that will ultimately improve the homeowner’s quality of life, enable them to enjoy it more and make memories there that will last for years to come.

Still Searching For Traditional Charm

Last of all, but most important, the Active Rain survey also shows us that Realtor’s are still searching for a home that has traditional charm like spacious closets, granite counter tops and a mud room which can be especially helpful if the home is a state that receives a lot of rain and snow during the year.

To learn more about what hidden gems you should be searching for in a Bend Oregon home for sale contact me today for a free Real Estate consultation by calling (541) 383-1426 or click here to contact me online.

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