Based on new research from the National Association of Realtors, 73% of people believe now is a good time to sell a home in the U.S., and 46% believe that strongly. The newest data for the Bend real estate market seems to support that sentiment, as the number of new listings jumped 44% in May, up from 358 in April to 408.
Rising median home prices may be one reason sellers are motivated to list their homes. In Bend, the new, all-time median home price is now $466,000, a 12% increase from May of 2018.
Despite the jump in the median home price, home sales rose 31% from April to May, and so did the number of price reductions. Sellers lowered their asking price on 124 listings in May, up 103% from April. And homes are also taking a little longer to sell, with an average of 121 days on the market.
The market is very strong and active, but buyer sentiment is one of increased caution as we approach a theoretical zenith. No buyer wants to be caught in a newly-purchased property and lose short-term equity because of market corrections. Also, it’s important to understand that while 408 new listings in May seems dramatic, many of those properties were re-introduced to the market after they expired or were withdrawn. This market refresh of available inventory is good for sellers and buyers.
What can a motivated seller can do to ensure their home cuts through hundreds of current listings to find the right buyer within an appropriate time frame?
- When it comes to setting an asking price for your home, it’s imperative to not push the envelope too far. We encourage our sellers to price their homes well initially or they’ll be chasing the market with price reductions.
- It’s also crucial to showcase your home in the best way possible given the specific value propositions of your property. This means looking through the eyes of a buyer to identify what your home offers to them, not necessarily what it meant to you.
We are fortunate to help hundreds of sellers each year, giving us a wide range of experience with unique properties and transactions. Have more questions about the current market trends in Bend? We’re here to answer them, and hope you’ll contact us for guidance with your next real estate endeavor.