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.

7 Things You Can Do To Make Your Bend Oregon Home More Desirable To Buyers

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If you’re planning on selling your Bend Oregon Home you can improve your chances of making your home more desirable to buyers by following these tips.

#1 – Make Your Home Smell Good

Before buyers arrive to view your home make sure that you air it out at least four hours in advance then place dryer sheets in the vents so that when your agent turns on the central heating and air conditioning system buyers will smell a fresh scent in your home.

#2 – Send Your Pets on a Holiday

Send your pets on a “holiday” at least 24 hours in advance so you will have time to clean up all traces of your pet because, some buyers don’t like the thought of buying a home that “might” have pet damage.

#3 – Buy Matching Appliances for Your Kitchen

If your kitchen is ‘stuck in the nineties’ and you’ve purchased mismatches appliances over the years you should buy all matching appliances because, nothing says “kitchen makeover” like mismatches appliances do.

#4 – Clean Everything

Another important thing you can do to add value to your Bend Oregon Home is to clean everything, including your medicine cabinet and closets because, buyers will certainly look in those areas if they are serious about buying your home.

#5 – Hire a Professional Designer

Consider hiring a professional designer for at least one to two hours because, this will give you a fresh perspective on things you can do to add value to your home and many times the recommendations a designer will give you are going to be inexpensive things you can easily do yourself.

#6 – Add Granite Counter Tops

Most buyers in 2015 still love granite counter tops so, if you want to make your home more desirable you should consider adding granite counter tops to your kitchen and bathroom.

#7 – Declutter Your Home

Last of all, but most important, de-clutter your home NOW by boxing up and removing any unwanted, or unused items from your home and placing those boxes in storage since you’re going to be moving anyway.

Buy a Bend Oregon Home

To get started with buying a Bend Oregon Home, or to view homes for sale, contact me today, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by CLICKING HERE to email me.

3 Ways to Make Your Offer on a Bend Oregon Home Stand Out

Bend Oregon Home

By Jason Boone

There’s no denying that Bend Oregon Home inventory is tight right now and it can be hard for some buyers to get their offers accepted because they just get “lost” in a sea of multiple offers from other buyers.

The good news is that you can have the advantage over the competition when buying a home in Bend if you follow these simple tips.

Tip 1 – Go To Open Houses and Make A Great Impression

Although open houses might be regarded as “taboo” in 2015, you can still make yourself known to a seller’s agent at an open house.

When attending open houses make sure to follow etiquette and always ask if you can sit on furniture or see other parts of the home that the Realtor ® may not show you.

Tip 2 – Get a Pre-Offer Inspection

Since inspections sometimes can delay the acceptance of an offer by seven to 10 days, you should consider getting a pre-offer “verbal” inspection before you make an offer because, this will enable you to move forward without an inspection contingency and you can always get a written inspection later on.

Tip 3 – Ask For A Pre-Approval Letter

Last of all, another great way to get your offer on a Bend Oregon Home accepted is for you to get pre-approved for a mortgage loan then get a pre-approval letter because, this will show a home owner that you without a doubt are pre-approved for a mortgage loan and have secured financing versus other buyers.

Buy a Bend Oregon Home

Let me help you buy a home in Bend, contact me today by calling (541) 383-1426 or click here to connect with me through my website.

Should You Finally List Your Bend Oregon Home For Sale?

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By Jason Boone

BEND, Ore – You’ve held onto your home over the last 15 years and endured the recent housing market crash which sent home values plummeting, and now that most Bend Oregon Home Owners now have equity in their homes you’re wondering if it’s the right time for you to sell your home and the answer is yes.

Huge Demand

Thanks to the demand for Bend Oregon Real Estate there’s never been a better time than right now for you to sell your home, especially since local builders can’t keep up with the demand for homes, and this means that you could receive multiple offers.

Low Mortgage Interest Rates

With mortgage interest rates still hovering around 4 percent, or lower, (depending on lender and credit), there are more buyers on the Real Estate market who have financing and are able to buy homes.

Mortgage interest rates are only expected to rise to 5 percent or higher by the end of the year so there’s never going to be a better time than right now for home buyers to get pre-approved for mortgage loans to buy Bend Oregon Homes.

First Time Home Buyer Assistance

In 2015 more lenders have been stepping up their efforts to help first time home buyers, including Fannie Mae, who recently launched a new program called HomePath Ready Buyer Program which pays up to 3 percent of a home buyers closing costs.

Huge Economic Growth in Bend

Thanks to huge economic growth in Bend, including more jobs, there’s going to be more people calling Bend home in the coming months, and if you sell your home now you will be able to take advantage of the huge demand for homes in Bend.

Sell Your Bend Oregon Home

To get started with 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 clicking here.

5 Tips for Choosing a Bend Oregon Realtor

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By Jason Boone

Are you planning on buying a home for the first time, or maybe your second home? If so, you’ve come to the right place! Here are 5 tips for choosing a Bend Oregon Realtor.

Tip 1 – Check Their References

Before hiring a Bend Oregon Realtor make sure you check their references including asking for at least three references for clients they’ve served recently.

Tip 2 – Review Their Licensing Information

Contact the state board to review your Bend Oregon Real Estate agents licensing information. This can usually be done locally but you can also do it online as well.

Tip 3 – Search for a Winner

Don’t just choose any Realtor ®, make sure you also choose an agent who has also been ranked highly by their peers including receiving the ranking of “Realtor of the Year” since this is a great designation any agent can receive.

Tip 4 – Confirm Their Credentials

Although it may be tempting to choose an agent because they have a “great personality”, you should also choose a Realtor ® based on the credentials that they have next to their name including: CRS, ABR and SRES.

Tip 5 – Verify Their Experience

Yes, there are a lot of Realtor’s out there today but the biggest question you should be asking is if they are experienced? Before choosing a Real Estate Agent make sure you choose someone who has verifiable experience just so you will know that you’re not choosing an agent who just got their license.

Choose a Bend Oregon Realtor

For more tips on choosing the right Bend Oregon Realtor, or to view homes for sale across Bend, contact me, Jason Boone, Principal Broker with the Skjersaa Group by calling me at (541) 383-1426 or clicking here to connect with me through my website.

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