2015 ends with a banner month of home sales in Bend

mortgage interest ratesBy Jason Boone

What was already an impressive year in 2015 ended on a particular high note in December. In fact, an almost shocking number of homes were sold during the last month of 2015, pushing the year into record-breaking territory.

How good of a month was it?

Through the month of December 214 homes were sold, significantly more than the 141 homes that sold in November and the 169 homes that sold in December 2014, according to data recently compiled by the Skjersaa Group. The December pace was closer to the busy months surrounding summer (from May through September monthly sales landed between 225 homes to 259 months) than a typical winter month.

The strong December might actually portend to another big year in 2016, even if there are hunches the end of the year might bring a moderation of the market.

One key piece of data from the report is that the year ended with just 3.1 months of inventory, which is well down from the 5.2 months that were live in November. The tally is the lowest since just 2.4 months of inventory sat on the market in June 2015 and more than a full month less of inventory than in December 2014.

The median price, the midpoint in which half the homes in Bend sold for more and half for less, was $325,275 in December. That is up from $321,275 in November and $290,000 in December 2014. And the sales price of each home was on average 99 percent of listing price, suggesting pricing power for sellers.

Some of the December spike might be explained by the Federal Reserve’s decision to hike interests rates, which may have pushed some potential buyers off the fence. The rental market remains tight. And Bend remains a desirable choice for relocation, making it among the fastest-growing metropolitan areas in the nation.

Regardless of the explanation, it appears that Bend’s real estate market remains strong as we begin 2016.

Some more interesting year-end data from the Skjersaa Group report:

  • In 2015, there were 2,370 homes sold in Bend, the most since at least 2006. To compare, 2,145 homes sold in 2014 and 2,171 sold in 2013.
  • The annual median price was $327,500. That is up from $290,000 in 2014.
  • The average days on market in 2015 was 122 days, which is down from 130 days in 2014 and 127 days in 2013.
  • The average inventory was just three months in 2015, which is down significantly from five months in 2014 and four months in 2013. In fact, only twice (February and November) did the monthly inventory rise above four months.
  • In all, an average of 198 homes sold per month in Bend, which is up from 179 homes a month in 2014 and 151 in 2013.

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.

What Should Bend Oregon Homeowners Do To Get Ready For Spring?

Spring Time Bend Oregon

Spring is officially here for Bend Oregon Homeowners but one common mistake that they will make is not getting their homes ready for spring and they will many times be met with costly repairs because of their lack of preparation.

In today’s post we are going to cover the top things all Bend Oregon Homeowners can do to get your home ready for spring so you can embrace the warmer months ahead.

What Should Bend Oregon Homeowners Do First?

The first thing Bend Oregon Homeowners should do when getting their home ready for spring is to check their homes outdoor plumbing by doing this:

• Replace old hoses
• Check and replace broken sprinkler heads
• Test sprinkler system and look for obvious signs of damaged pipes
• Check drip irrigation systems and make sure they are fully functional
After the outdoor plumbing to the home is checked homeowners should check the indoor plumbing by verifying that their water heater isn’t leaking and that the home doesn’t have any leaking pipes as well.

What to Check inside Your home

Stepping inside the home the first things that all Bend Oregon Homeowners should check are their smoke detectors and carbon monoxide detectors as well because, these detectors can save lives and it’s worth spending $10 on batteries to make sure they are functioning right in the event you really need them.

Exterior Checklist

Last of all, but most important, Bend Oregon homeowners should not forget to check the important exterior features of their homes like their gutters to make sure they are free of debris, air conditioning system to make sure it’s functioning at 100% capacity and any wood fences or wood piles to insure that they are free of termites or pests that come out in the spring.

To learn more tips that Bend Oregon homeowners should follow to get ready for spring contact me today by calling (541) 383-1426.

 

One Big Mistake That Bend Oregon Homeowners Shouldn’t Make In 2014

Bend-Oregon-Homeowners

2014 is here and with a brand new year many Bend Oregon Homeowners are planning on selling their homes to either move into a bigger home, or downsize, and one common mistake that the average homeowner in Bend will make when it comes time to sell is going cheap when it comes time for them to get repairs made to their home before they list it.

Bend Oregon Homeowners: Cheap Is Not a Good Idea

Even though most Bend Oregon Homeowners will want to do right by their homes and hire the most qualified contractor, painter or professional craftsman to work on their home, some homeowners will choose the cheapest person possible.

A cheap home repair contractor is typically someone who just recently started their business and they don’t have that many references, so they will quote lower prices in the hopes of being able to win more business.

Always Investigate a Home Repair Company First

Before hiring any home repair company, or contractor, every Bend Oregon Homeowner should always investigate that company online using websites like the Better Business Bureau or searching for feedback online because, a company that’s been in business for a while will have some amount of feedback online even if it’s good or bad.

Ask For Referrals from Friends and Family

If you don’t want to go online to search for a home repair professional for your Bend Oregon Home the next best solution is to ask your friends or family members if they can recommend a company to you.

Asking for a referral from your own network of family and friends first, so you can find someone you can trust, will eliminate the need to do all of the “digging” when it comes time to making sure that you’ve found the right home repair company.

To learn more tips for Bend Oregon Homeowners, or to view the latest homes for sale in the area, contact me today by calling (541) 383-1426.

Should You Purchase A New Home Before Selling Your Current Home?

Jason Boone Bend Oregon Realtor

Should I purchase a new home in Bend before selling my current home?

This is a question that many Bend Oregon homeowners have had lately during the competitive 2013 Bend Oregon Real Estate market and it’s not a hard question to ask because, the average home buyer doesn’t want to risk out on losing the ability to purchase their next dream home because they didn’t have money to make a down payment on it.

Before making the decision to purchase a new home before selling your current home, there are several things to consider including the following:

Talk With Your Bank or Lender Immediately

You should always make the effort to speak with your lender first before planning to purchase another home because, you want to make sure that you are not only are financially able to purchase another home while paying an existing mortgage, you also want to make sure that you have the buying power to complete the transaction since your lender will tell you exactly how much home you can afford before and after your home sells.

Talk With Your Realtor

Another important thing that you must do besides speaking to your lender before purchasing a new home is to speak with your Bend Oregon Realtor because, you want to make sure that you know exactly how much money you can walk away with after your Realtors commission has been paid and also after any other taxes on the home are paid once the sale goes through.

Financing

Last of all, but most important, another question to ask is how are you going to come up with the money to purchase another home before selling your existing one? If you have good credit and equity in your home, there are a variety of options available to you that you can consider including: bridge loans, wrap financing, tapping your 401(k) or asking a relative for a loan that you can use as a down payment on your next home.

Each of these financing options should be followed through with caution only after you speak with your lender and or financial manager to make sure that you are fully aware of how you will be affected should you not close the sale on your current home right away and be faced with the prospect of having to pay two mortgages.

To learn more about purchasing another Bend Oregon home before selling your existing home, contact me today by calling area code 541-383-1426.

The Skjersaa Group pledges at least 1% of revenue to the preservation and restoration of the natural environment