As we get closer to the end of the year it’s time for Bend Oregon Realtors, and top listing agents across the country to take a step back and review the 2013 Real Estate Market.
This year was a big year for Real Estate in Bend, and across the country, without a doubt, thanks to conditions like low inventories and low mortgage interest rates which contributed to a “flurry” of buying and selling, nationwide, putting to rest all of the bad memories from the recent Real Estate crash and encouraging buyers and sellers about what they can expect in the future
Getting Back To Normal
With 2014 almost here one common thing that Bend Oregon Realtors expect to see is more homeowners approaching positive equity with their homes. It’s been a slow process for homeowners in Bend, and across the United States to return to positive equity since 20 percent of all homeowners did not have enough equity in their homes as late as the third quarter of this year, but with home values continuing to rise fast and demand still high, homeowners can expect to see the equity continue increasing in their homes.
Mortgage Interest Rates Will Rise
Bend Oregon Realtors won’t deny that low mortgage interest rates have been one of the key “vehicles” that have enabled more homebuyers to own their own homes than ever before, but thanks to the rapidly improving economy it’s expected that the Federal Reserve will slow down on bond buying although it’s expected that new Fed Chairman Janet Yellen will continue following the same plan as Ben Bernanke which means that there shouldn’t be any drastic changes in the Federal Reserve’s activity this year.
Foreclosures Declining Fast
Ask Bend Oregon Realtors or listing agent in Oregon and they will tell you that foreclosures have declined rapidly in 2013; including in September of this year when they dropped to their lowest rate in 36 months, making foreclosures the lowest that they’ve been since 2006, and the same decline in foreclosures is expected to continue in 2014.
To learn more about the latest Real Estate news, or to view the latest Bend Oregon homes for sale, contact me today by calling (541) 383-1426.