Fall Home Tips

Preparing your home for fall and winter is key!

Bend Oregon Real Estate Market Trends

November 2018 Market Report | Bend, Oregon

The real estate market in Bend Oregon has been slowly shifting over the past several months. While larger markets like Portland and California have seen dramatic slow downs in property sales, Bend continues to see stability and slight growth regarding median price. However, the number of homes listed for sale and sold in November were down significantly from the same time last year.

If you’re a buyer in today’s market, you’re likely experiencing a bit of a breath of fresh air compared to buyers in 2017 or even early 2018. For the first time in several years, home buyers don’t have to make decisions on the spot, they have a stronger ability to negotiate on price and seller concessions, and they can be and are being pickier about the home they purchase. It’s not quite a buyer’s market, but it appears to be slowly trending that way. With that said, home buyers are still competing with each other when it comes to homes in lower price ranges where first time buyers and investors are all looking for that perfect property.

If you’re a home seller you’re likely wondering what exactly happened to multiple offers and buyers offering significantly over list price. Right now, sellers are getting fairly close to their asking price, but are likely making more concessions and repairs in order to appease buyers. They’re noticing their home sitting on the market a little longer. Sellers are still getting top dollar for their home when the home is priced correctly and marketed appropriately. It’s a changing market for sellers and one that might take a bit of time to digest.

Homes for Sale November 2018 | 488 Units
Down 7% compared to last year

Homes Sold November 2018 | 181 Units
Down 15% compared to last year

Median Sold Price November 2018| $444,000
Up 10% compared to last year

Months of Inventory November 2018 | 3.2 months
Up 8% compared to last year

Days on Market November 2018 | 116
Up 8% compared to last year

Sales Price as % of List Price | 95%
Down 1%

**all numbers based on single family residential properties under 1 acre in Bend.

Rising Interest Rates' Impact on Central Oregon Home Buyers & Sellers

After several years – with interest rates remaining historically low – rates are on the rise. What will this increase in interest rates mean for buyers and sellers in 2018?

Home prices in Central Oregon have been increasing by more than 10% every year since 2014, yet home buying has remained affordable and attractive, especially for first-time home buyers, due to lower interest rates over the past six years.

With interest rates hovering around 4.5% at the end of February, and additional increases expected from the FED throughout the year, home buyers are looking at reduced buying power throughout 2018. If a home buyer has a budget around $400,000, when interest rates go up by .25 of a point, it lowers buying power by about $15,000. What does that mean? It means that home buyers will have to adjust their purchase price down by $15,000 in order to achieve roughly the same monthly payment. This can be a big deal for first-time buyers whose price points are already right at or below the median sales price in Bend, which is right around $400,000 for a single-family home.

However, while interest rates may seem high, it’s important to remember that 4.5% is still considered historically very low. In the 1980s, interest rates were near 20%! Thankfully, we are a long way off from interest rates becoming that high again.

How will the interest rate increase affect buyers and sellers?

I believe that the Central Oregon housing market will continue to remain strong this spring and summer selling season. The number of new listings in Bend is down 7% in February over 2017 and inventory remains low with only 538 single-family homes available for sale in Bend. Only 225 of those homes are priced under $450,000. With historically low median days on market (the median in Bend is currently 60 days), and an increase in relocation buyers, finding an affordable home without competing with other buyers might prove difficult. While home buyers may need to adjust their desired price range slightly, there is still an opportunity to find a great home, even with rising interest rates.

Are you interested in what your home could be worth this spring? I’d be happy to sit down and provide a personalized market report for you. If you’d like to purchase a home in Central Oregon, let’s discuss how I can help you buy successfully in this competitive market.

Fall Home Maintenance Tips

It's that time of year! Fall is a great time to check your home to ensure it's ready for the colder winter months. Below is a list of recommendations for preparing your home so that you stay warm, dry & cozy! 

Top Places to Live in Oregon

Top Places to Live in Oregon

Oregon is a place that offers so many beautiful places to call home. You can live next to the Cascade Range in the high desert, along the coast where you’ll have miles of beach to stroll on, or in cities that invest in parks and open spaces for their residents to enjoy. Those who are active in the outdoors in Oregon will boast that they can go surfing, mountain biking, and snowboarding all in the same day. Those who love food and entertainment will find that Portland and many other cities take this very seriously, with quality restaurants, craft beer, and the local scene being the standard. So if you’re considering making the move to the Northwest, here are some of the top places to live in Oregon.

Central Oregon

For those who love the outdoors, Central Oregon is one of the best places to live. As one of the premier recreation destinations in the West, Central Oregon’s lakes, rivers, and single-track trails are just the beginning. Whether it’s a day cutting fresh tracks through thigh-deep powder at Mt. Bachelor or admiring an evening sunset from the back nine at Pronghorn’s Nicklaus Course, Central Oregon is the perfect outdoor playground for both visitors and residents. In addition to fairways and trails, Bend, Redmond, and Sisters lay fertile ground for starting and growing a business in a region that draws talent. Whatever your inspiration, the team at Cascade Sotheby’s International Realty’s flagship office will draw from their local expertise to find you the perfect property.

Farm, Ranch, & Vineyard

Land is the foundation for a sense of place. Its type determines the flow of towns, the taste of cuisine, and the boundaries of recreation. From southern Washington to southern Oregon, and from pristine coastline to eastern hills, our brokerage covers a range of nearly 100,000 square miles and much of that land is rural. Our Farm, Ranch, and Vineyard brokers are experts, as they, too, are ranchers, riders, farmers and vintners. Andy Warhol said that “land really is the best some of the most incredible farm, art.” We agree, and we are proud to say that in this realm, our brokers are lifelong connoisseurs. You will often find them outside the office–cultivating land and relationships while driving back roads, wrangling horses, or walking rows of grape vines. They are ready to match their extraordinary expertise with your vision.

Oregon Coast

Once the nearly exclusive province of loggers and fishermen, the villages along the rugged and unspoiled Oregon Coast have blossomed into travel destinations with universal appeal. Dining, galleries and cultural activities complement the natural beauty that provides seemingly endless opportunities for outdoor recreation in old growth forests and along oceanfront bluffs. With offices in Cannon Beach, Gearhart, and Manzanita, Sotheby’s International Realty brokers can find the perfect home for anyone looking to add the seaside to their lifestyle.

Portland Metro

City living is at its best in Portland, where you’ll find a quality of life that is unmatched in other major American cities. Portlanders are adept at creating spaces where business, culture and the great outdoors intersect. The Rose City has more than 10,000 acres of public parks and natural areas, giving residents ample opportunities to explore the environment without having to travel beyond the city limits. Bicycle friendliness is only matched by eco-friendliness. Each neighborhood’s charm is amplified by world-class eats, local microbreweries and coffeehouses.

Lake Oswego

One of the oldest inhabited areas in Willamette Valley, Lake Oswego continues to be one of Oregon’s most desirable suburban cities to “live where you play.” With the eponymous lake at the center of life, Lake Oswego has maintained a reputation as one of the most coveted places in the Portland area for families to put down roots. The town boasts award-winning schools and parks against a backdrop steeped in history. From the historic Ironworks installation in the city park to its array of carefully-preserved Victorian homes and cottages, Lake Oswego exudes character and classic charm.

If you're thinking about making Oregon your home, check out these beautiful homes! Visiting Central Oregon soon? You can request our relocation guide here. 

Original blog post by Cascade Sotheby's International Realty and can be found here.

10 Homes Built for Nature-Lovers in Central Oregon

It's no secret that Central Oregon is known for it's unique high desert landscape - a mix of juniper, aspen and oak trees, mountain views, and volcanic terrain. Check out these beautiful homes that make our rustic and breathtaking scenery the star of the show.

Want to find your own nature-inspired Central Oregon getaway? Feel free to browse here!

Homes Under $300,00 in Bend, Oregon

Prices in Bend, OR have been increasing about 6%/year over the last 3 years, but that doesn't mean you've missed out on finding a great deal! Check out these homes for sale under $300,000 in Bend! If you're a first time home buyer or an investor looking for an affordable property, check out the list here:

See Homes! 

Fall Home & Garden Tips

As fall rolls in, nights get cooler, days get shorter and life seems to take a bit of a breather after seemingly non-stop summer activity. While you pull out the crock pot, and dream of pumpkin spice lattes, it's also time to prepare your home for fall and winter. Here are a couple of tips to ensure you're ready:

1. Once trees have shed their fall leaves, be sure to check your gutters and roof to ensure they're clear of debris that can clog gutters. Also caulk/seal gutter joints to prevent leaking.
2. Winter is a time to get cozy! Be sure your fireplace and chimney are serviced and cleaned to help prevent house and flue fires.
3. Check windows & doors for drafts. According to bobvilla.com, proper sealing and insulation can save you 20% on your heating and cooling bill.
4. Prepare your yard for colder weather: clean and store outdoor furniture and garden tools, and contact your irrigation company to winterize sprinkler & irrigation systems. 
5. Planning on entertaining this winter and holiday season? Prepare now by cleaning ovens, stoves and refrigerators to ensure they're ready for extra use.