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Bend Oregon Real Estate News

• January 24, 2012
• 15:33

  Cash Sales Increase 11% In 2011

   » ‎ Bend Oregon Real Estate News

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  The number of houses purchased in Bend last year by buyers paying cash increased 11% from a year earlier, and accounted for more than 1 of every 4 closed sales.
  
  452 of the 1688 stick built houses on less than an acre sold in the area in 2011 were cash deals.  This was up from 406 in 2010, when cash sales made up 24% of 1690 closed transactions.
  
  
  
  
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• January 13, 2012
• 13:51

  Distressed Properties Continued To Drive Market In 2011

   » ‎ Bend Oregon Real Estate News

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  Distressed properties (short sales and foreclosures) accounted for a large portion of sales in Bend last year, continuing a trend we've witnessed over the last few years.  52.4% of all sales of stick built, single family houses on lots of one acre are less were either short sales or foreclosures in 2011.  In 2010, distressed property sales represented just over 51% of total sales.  What changed last year however was the mix of those distressed sales.
  
  Short Sales Outnumber Foreclosures
  
  While the term "short sale" has become ubiquitous in Central Oregon since the market crash, last year's total reached a new high water mark.  465 short sales were closed last year, making up 27.6% of all sales.  This represents a 20.5% increase from 2010, when 386 properties sold were short sales (22.8% of all home sales).
  
  And while too many houses are still being foreclosed on, there's a glimmer of hope that the worst may be behind us.  Foreclosure went from representing 34.2% of all sales in 2010, to just under 24.8% last year.  And the picture improved even more over the 2nd half of the year, when foreclosure sales made up just 18.7% of the total.  The overall number of bank-owned properties sold in 2011 decreased by nearly 28% from a year earlier, from 579 to 418. 
  
  Average Time To Complete Short Sale Improves
  
  It seems everyone has heard at least one horror story about the special challenges of short sales, including often having to wait weeks, and sometimes even months, for an answer. But there's positive news on this front as well.
  
  While short sales continued to take longer to close than other types of home sales last year (162 days versus 110 days), on average, short sales took 51 fewer days to close in 2011 than they did in 2010.  That's almost 2 months faster!
  
  But, if you or someone you know is considering a short sale, don't assume that any agent can handle your transaction.  I've been recognized as a Certified Distressed Property Expert (CDPE) by the Distressed Property Institute and have extensive experience in handling short sales and foreclosures.  I offer free, confidential consultations.  Please call me at 541.410.9060 to arrange a time discuss your options.
  
  
  
  
  
  
  
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• January 10, 2012
• 18:37

  2011 Sees Bend Real Estate Market Hold Steady

   » ‎ Bend Oregon Real Estate News

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  1683 stick-built, single family homes were sold in Bend last year, 7 fewer than the total reported for the year 2010, but offering another indication that the area housing market has stabilized following the implosion of a few years ago.
  
  After hitting a low of just 1120 closed transactions in 2008, sales rebounded to 1561 closings in 2009 and rose again the following year to 1690.   Though I still meet people everyday who mistakenly believe "houses aren't selling in Bend," the number of closed sales over the past few years is comparable to the "pre-boom" years, such as 2002, when 1526 houses were sold (in my opinion, the "boom" began in the 2nd half of 2003 when 1021 sales were recorded in the last 6 months of the year).
  
  Prices, when measured on both a median sale price and price per square foot basis, were nearly identical from a year earlier.  The median price paid for houses sold in 2011 was $190,000, versus $190,500 in 2010.  While the median sale price was down slightly last year, the average price per square foot paid in 2011 actually rose to $104.91/sf, from $104.38/sf in 2010.
  
  If you're curious to find out what your home is worth today, please call me at 541.410.9060.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 08, 2011
• 16:10

  Bend Named #1 Housing Market Over The Next 5 Years!

   » ‎ Bend Oregon Real Estate News

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  Business Insider used data from Fiserv Case Shiller to choose good old Bend, Oregon as the best housing market for the next 5 years!
  
  If you haven't looked at home prices in a while, call me to find out just how good some of the deals are in today's market!
  
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 29, 2011
• 16:36

  When One Door Of Happiness Closes, Another Opens

   » ‎ Bend Oregon Real Estate News

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  Have you heard?
  
  Steve Scott, one of the most highly-respected brokers in the Central Oregon real estate community and principal broker of Steve Scott Realtors, has announced that he will retire later this year after nearly four decades of service.
  
  While his plans were announced to the public just last week, Steve and the agents at Steve Scott Realtors have been planning the transition for months. And after considering several options, most of my fellow brokers at Steve Scott Realtors and I have decided to team up with another leading real estate firm.  Over the next month, I will be joining the group of outstanding brokers at RE/MAX Key Properties in a newly expanded, state-of-the-art office in downtown Bend!
  
  Combining the power of the internationally-recognized RE/MAX brand with the unprecedented local knowledge and experience of Steve Scott Realtors will create a dynamic, fun-filled and prosperous experience for my clients and I can't wait to get started!
  
  I thank Steve for his years of leadership and friendship and wish him good health and much happiness in the future.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 11, 2011
• 15:54

  3rd Quarter Sales Show Stability In Bend Housing Market

   » ‎ Bend Oregon Real Estate News

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  The median price of homes sold in the 3rd quarter increased 5.1% from a year earlier, while sales volume was nearly identical.  Prices also climbed 3.3% on a square foot basis.
  
  The median sale price for homes sold in the July through September period was $205,000, up from $195,000 for the same period a year ago. And the median price paid per square foot was $112.95 in Q3, compared to $109.30 in 2010.
  
  
  422 houses were reported sold in the 3rd quarter, almost the equivalent of the 421 sold a year ago.
  
  Through the first 9 months of the year, sales volume in Bend is up 1.8%.  Prices are down slightly; the median price paid in 2011 to date is $192.5K ($106/sf) compared to $195k (107.62/sf) over the same period in 2010.
  
  With historically low interest rates (around 4.125% for a 30 year fixed rate loan) and a relatively tight rental market (good, clean rentals aren't available for very long), I expect this stability to continue in to the foreseeable future. 
  
  If you're curious to know what your house is currently worth, or want to find out exactly what you can afford to buy in today's low rate environment, please give me a call at 541.410.9060.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 15, 2011
• 11:24

  August Home Sales In Bend Highest In 5 Years

   » ‎ Bend Oregon Real Estate News

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  The 161 closed home sales in Bend last month was the highest number sold in the month of August since 2006, when 215 houses were sold in the midst of the housing market frenzy.  Sales volume increased nearly 30% from a year earlier, when just 124 sales were reported sold.
  
  Prices also jumped from year ago levels.  The median sale price in August was $209,900, up 19.9% from August 2010 ($175k).  In fact, both the median sale price and the median price paid per square foot ($111.71/sf) nearly matched the levels from August 2009 ($210,000 and $112.72/sf respectively).
  
  The combination of lower prices and historically low interest rates has lead to increased activity across the board.  Investors are buying houses to rent and earning relatively healthy returns, renters are coming to the conclusion that it makes more sense to buy a home and many families are "upsizing" in to bigger homes and taking advantage of the unprecendented opportunities in today's market.
  
  I think you'll be surprised to find out just how much home you can comfortably afford to buy with today's low rates and prices.  Call me to find out.....541.410.9060.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 20, 2011
• 14:34

  Bend Home Sales Slow, Prices Mixed

   » ‎ Bend Oregon Real Estate News

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  Single family home sales in Bend slowed from a year earlier in June, while prices continued to show some stability.  139 closed sales were reported to the MLS of Central Oregon last month, compared to 152 a year ago.  The median sale price was $210,000, down 3.21% from June 2010.  On a square foot basis however, prices increased 6.21% to $116.67/sf.
  
  The number of closed short sales increased 23.33% and were more common last month than bank-owned foreclosure sales, which declined 32.5% from a year earlier.  Short Sales accounted for 26.6% of all stick-built, single family homes in Bend last month, while foreclosures made up 19.4%.   Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 01, 2011
• 12:50

  May Sales Show More Stability In Bend Real Estate Market

   » ‎ Bend Oregon Real Estate News

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  After dipping in April, home sales in Bend rebounded in May, increasing 8.7% from a year earlier.  In addition, prices were nearly identical to May 2010.
  
  162 home sales were reported to have closed last month, according to data from the MLS of Central Oregon.  A year earlier, 149 houses were sold.  In April, only 133 closed sales were reported.
  
  The median sale price in May was $185,000 ($100.16/sf) versus $186,000 ($100.92/sf) for the same period in 2010.  Though the price paid per square foot for May sales is down from April's $107.65/sf, it is slightly higher than the average paid through the first 4 months of the year, when the price per square foot was $99.06/sf.
  
  Contact me today to find out what your house is worth in today's market or to get started on your search for a new home.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 24, 2011
• 21:21

  Would $20,000 Motivate You To Do A Short Sale?

   » ‎ Bend Oregon Real Estate News

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  Would $20,000 Motivate You To Do A Short Sale?
• May 04, 2011
• 11:56

  Cold Weather Put A Chill In April Home Sales....Or Did It?

   » ‎ Bend Oregon Real Estate News

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  Colder-than-average temperatures last month put a damper on annual garden blooms in Central Oregon.  And at first glance, the chilly weather seems to have affected the pace of local home sales as well.  
  
  Data from the MLS of Central Oregon shows 133 homes on less than one acre of land were sold in April, down from 156 a year earlier. But was the weather the actual reason sales declined nearly 15%?
  
  Another factor to consider is that the inventory of homes for sale is down about 25% from a year earlier.  With more than 200 fewer houses on the market, the absorption rate went from about 19.4% a year ago to about 25% last month.  In other words, while there was about 5 months worth of available housing inventory at this time last year, today there is only about 4 months.
  
  My guess is that the weather won't be the only thing warming up; watch for price stability and, dare I say, maybe even price increases in some market segments, this summer!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 05, 2011
• 12:08

  Home Sales Up Over 9% In Bend

   » ‎ Bend Oregon Real Estate News

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  Sales of stick-built houses on less than an acre were up more than 9% in Bend over the first three months of the year compared to a year earlier.
  
  394 houses were reported sold to the MLS of Central Oregon in the first quarter.  This is an  increase of 33 from 2010.
  
  The median price per square foot paid over the first 3 months of the year was $97.61, down from $102.04 from the same period a year ago.  March saw a slight uptick in the price paid per square foot however, to $98.75/sf.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 07, 2011
• 16:28

  What Do Cash Sales Say About The Market?

   » ‎ Bend Oregon Real Estate News

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  A blog I follow by Seth Godin recently had a post in which he asks
  

  "Is something important because you measure it, or is it measured because it's important?"  (click here to read Mr. Godin's blog)

  
  The timing of his post was ironic since I've just begun tracking the number of houses in Bend selling for all cash.  So is measuring cash sales and the percentage of the market they represent important?
  
  My thought on breaking out the cash sales is that it would seem to indicate two things:
  

  1. the ease or difficulty with which buyers are able to obtain purchase money loans and,
  2. the level of interest among investors for buying properties in Bend.

  And comparing the results by quarter over the last several years shows a big change.
  
  For instance, in the 2nd quarter of 2007, near the peak of the market, just 8% of sales were for all cash.  Contrast that with the first three months of 2010, when getting a loan was much more difficult; more than 1 in every 4 sales in the 1st quarter of last year was made to a buyer paying all cash (26.3%).
  
  The percentage of deals being made by investors is more difficult to measure but my gut, and my own business experiences, seem to indicate that investors are taking advantage of today's prices, especially at the lower end of the market.
  
  Take for example a $150,000 house with 3 bedrooms, 2.5 baths and 1767 square feet (the median size for a house at this price over the last 3 months).  Figuring a net annual rental income of $10,500 ($1150 monthly rent less yearly taxes of $2800 and insurance of $500) yields an annual return of 7%, a great return in today's low interest rate environment.
  
  However the cash buyer segment of the market breaks down (cash investors versus home buyers unable to qualify for a mortgage loan), the increase as a percentage of the overall market shows that more people are convinced that now is the time to buy real estate in the Bend area.
  
  Let me know what you think the growth in cash sales indicates in the comments section below.
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• March 04, 2011
• 11:40

  Cash Sales Account For Nearly 1 In 3 Home Sales In Bend

   » ‎ Bend Oregon Real Estate News

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  The MLS of Central Oregon now provides data on the financing terms used for all closed sales, thanks to the efforts of yours truly.  I had requested this search feature be added because of a perceived increase in all cash sales.  And those perceptions proved true in February, though not necessarily by as much as I'd expected.
  
  36 of the 111 sales of stick built houses on less than an acre in Bend last month were bought for all cash.  I would think 32% of the total sales selling for cash would represent a big increase from a year ago.  But data in the MLS shows that 30 of the 111 sold in February a year ago were also purchased with all cash (27%).  Nevertheless, the additional 6 cash sales does represent a 20% increase from 2010.
  
  I'll make it a point to regularly track cash sales and share the results here with you.  Let me know if there are any other trends you'd be interested in and I'll try to provide them to you.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 02, 2011
• 12:31

  Does The Bend Housing Market Now Favor Sellers?

   » ‎ Bend Oregon Real Estate News

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  The sales pace in February for single family homes on less than an acre would seem to indicate that sellers are now calling the shots in the Bend housing market.
  
  There were 109 houses sold in February in Bend and 414 finished homes are currently listed for sale, resulting in less than 3.8 months of available inventory.  A market has typically been considered  "balanced," favoring neither buyers nor sellers, when there are about 6 months of inventory available.  But with so many distressed properties and a double digit unemployment rate, how can this be true in Bend today?
  
  One explanation I have is that banks are being very careful in controlling the number of foreclosed homes they list for sale in an effort to avoid flooding the market and driving prices even lower.  And a quick analysis seems to bear that out.
  
  As I write this, only 46 of the 414 currently active single family home listings in Bend are shown to be foreclosures.  That's 11.1% of the market.  But similar bank-owned properties accounted for 43% of homes sold last month!
  
  So while only about 1 in 10 houses for sale in Bend are foreclosures, more than 4 of every 10 sold are bank-owned.  Can and will this trend continue?  Let me know your thoughts by replying in the comments section below.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 17, 2011
• 16:27

  Bend Housing Affordability Reaches Record High

   » ‎ Bend Oregon Real Estate News

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  The 4th quarter of 2010 marked the most affordable time period for buying a home in the Bend region since the area was first included as a Metropolitan Statistical Area (MSA) at the beginning of 2006, according to an index released quarterly by the National Association of Home Builders and Wells Fargo.
  
  The Housing Opportunity Index (HOI) showed that 78.2% of new and existing houses sold in the Bend area in the last quarter of 2010 were affordable to families earning the median income of $63,200.  It marked just the third time (and 3rd straight quarter) that the index was above 70%. 
  
  Prior to the first quarter of 2009, the affordability index had never reached higher that 40.1% locally, and hit an all time low of 14.7% in Q1 2007, when the median sale price was $310,000, according to data from the association.
  
  The Bend area was ranked the 133 most affordable MSA in the 4th quarter, out of 223 nationally.  This is by far the highest ranking for our area since being designated as a MSA in 2006.  To put this in perspective, we were ranked 199, 209, 211 and 207 in 2008, and never higher than 140, way back in the first quarter of 2006.
  
  With interest rates on mortgage loans trending upward, now really is a fantastic time to buy a home.  Call me today to get started!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 16, 2011
• 15:58

  Foreclosures Drag Bend Home Prices Lower

   » ‎ Bend Oregon Real Estate News

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  The median price per square foot paid in Bend last year for stick built houses on less than one acre was $104.66.   But this figure differs dramatically depending on the type of sale.
  
  While the overall median price per square foot paid in 2010 was down 6.6% from a year earlier, the price per square foot for all "traditional" sales (not a foreclosure or short sale) decreased by less than half that, down just 3% from 2009.
  
  And short sales, besides seeing a jump of more than 20% in the number of successful deals last year, had a 6.2% lower median price per square foot than those from a year earlier.
  
  So where does this leave foreclosures?  The median price per square foot paid for "bank owned" properties plunged 11.1% last year.  At $87.32 per square foot, foreclosed houses sold for a whopping 30.9% discount from traditional sales!
  
  While I'll agree that there is more perceived risk in buying a foreclosure (seller's are exempt from disclosing to a buyer any defects affecting the property, for example) and that many need at least minor repairs (paint and carpet, etc.), a discount of 31% seems a bit extreme.
  
  As a result, and as many buyers and investors are discovering, foreclosures are providing some truly fantastic buys, even in today's choppy market.
  
  Let me know your thoughts by posting your comments below. Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 08, 2011
• 17:26

  Bend January Home Sales Highest Since 2007

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  125 stick-built houses on less than one acre closed escrow last month, the highest total for January since 135 were sold in 2007.
  
  Sales increased more than 21% from a year earlier, and nearly doubled the anemic volumes of both January 2009 and 2008, when just 69 and 75 houses were reported sold respectively.
  
  The increase in sales is directly related to the decrease in prices.  January's median sale price was $191,000, or $104.66 per square foot.  This is down 6.6% from a year earlier and more than 41.5% from January 2007, when the median sale price for the month was $327,900, or $178.98 per square foot.
  
  Combined with interest rates still near historical lows (the rate on a 30 year fixed is around 5%), now really is a fantastic time to buy property in Bend and throughout Central Oregon.  Call me today to find out how you can take advantage of the great opportunities in today's market.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 31, 2011
• 15:27

  Bend Home Sales Volume Up 7.9% In 2010

   » ‎ Bend Oregon Real Estate News

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  1687 stick-built houses on less than one acre in Bend were sold last year, an increase of 7.9% from 2009. 
  
  The mix of sales was little changed from a year earlier.  723 of the houses sold (42.9% of the total) were "traditional" sales, while 579 (34.3%) were foreclosures and 385 (22.8%) were short sales. 
  
  In 2009, 680 (43.5% of the 1564 houses sold) were "traditional" sales, 564 (36.1%) were forclosures and 320 (20.5%) were short sales.
  
  More than half of the 123 additional houses sold in Bend last year were short sales, while only 15 were foreclosures.  43 more "traditional" sales closed in 2010.
  
  On a price per square foot basis, the median price was down 6.6% from a year earlier.  In my next post, I will cover some very interesting details of what accounted for most of the price decrease.
  
  In the meantime, if you or someone you know is considering a move, please call me.  I represent both buyers and sellers, have experience in handling the sale of traditional, short and foreclosure properties and am recognized as a Certified Distressed Property Expert by the Distressed Property Institute.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 27, 2011
• 16:45

  Bend Home Sales, Prices Down In 4th Quarter

   » ‎ Bend Oregon Real Estate News

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  Data garnered from the MLS of Central Oregon shows that both the pace of sales and home prices declined from a year earlier in the 4th quarter.
  
  441 sales were reported sold in the October thru December period, a decline of 15% from the same period in 2009, when 519 houses closed escrow.  Though down on a year-over-year basis, sales volume increased by 21 houses (5%) when compared to the 3rd quarter of 2010.
  
  Prices also declined in the 4th quarter.  The median sale price of homes sold during the last 3 months of 2010 was $185k, with a corresponding price per square foot of $99.73.  In 4th quarter of 2009, the median sale price was $216,745 and the price per square foot was $111.72.
  
  Home buyers, including investors, are taking advantage of the lower prices.  The amount of housing inventory for sale compared to the pace of sales reached its lowest level in nearly 5 years in December, with only 3.9 months of inventory available.  This equates to an absorption rate of 25.7%, or more than 1 in 4 houses listed for sale being sold in the last 30 days.  We haven't seen numbers like this since the Spring of 2006!
  
  If you've entertained the thought of selling your house, you'll have less competition now than at any time in almost 5 years!  Call me to find out what you can sell your house for today and how long you should expect it to take to sell.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 26, 2011
• 13:49

  Bend Home Sales Volume Stable, Distressed Properties Lead The Way

   » ‎ Bend Oregon Real Estate News

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  Home sales in Bend continued at a relatively healthy pace in December, with 154 single family, stick-built houses on less than an acre of land closing escrow during the month.  This represents an increase of 15.8% from November sales but is down 4.3% from a year earlier.
  Bank-owned (foreclosures) and short sales continued to make up the lion’s share of home sales last month.  Of the 154 houses sold, 63 were bank-owned (41%) and 38 were short sales (25%).  Taken together, distressed sales accounted for nearly 2 out of every 3 houses sold in Bend last month.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 22, 2011
• 12:00

  4 Reasons to Buy a Home Now - SmartMoney.com

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  4 Reasons to Buy a Home Now - SmartMoney.comSubscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 02, 2010
• 17:34

  Volume Improves, Sale Prices Increase

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The number of homes sold in Bend increased in September from a month earlier and the median price per square foot paid for a house was up from a year ago.
  
  
  The MLS of Central Oregon shows 138 closed sales in September.  Though down from a year earlier, that's up from 118 in August, when the hangover from the expiration of the home buyer tax credit was felt.  Even though buyers were still eligible to receive the credit if their purchase closed by September 30th, the sales contract had to be agreed to by April 30th and most of those deals have closed.
  
  Maybe even more noteworthy is the fact that the price paid per square foot of living space increased in September, and for the 3rd quarter as a whole.   The median price per square foot for sales closed last month was $113.48, up from $112.82 a year ago.  And in the 3rd quarter, homes sold for a median of $111.30/sf, while in the same 3 month period last year the median price was $108.66/sf  .
  
  It was also interesting to note that the size of homes sold last quarter was smaller (median of 1788sf) than a year ago, when the median size was 1882sf.  Even though the overall median sale price was down (to $199,000 from $204,500), buyers were willing to pay a bit more on a square foot basis.
  
  To find out what impact these numbers may have on the market value of your home, or to see just what kind of house you can buy in today's market, please give me a call.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 30, 2010
• 12:16

  Refinance with No Income Or Credit Verification And No Appraisal?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  I talk to people everyday who are unable to refinance to take advantage of today's historically low interest rates.  One of the big reasons they can't do so is that the value of their house has gone down so much that they are now "under water" (they owe more on their house than it is currently worth).  Certainly no lender would agree to finance a loan for say $300,000 on a house that's appraised at only $250,000.  This is true even if the borrower/homeowner has good credit and enough income to make the payments.  
  
  But a bill was introduced in the House of Representatives by Rep. Dennis Cardoza earlier this week to allow homeowners to refinance an existing government-backed loan (Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA) into a new 30 year fixed rate mortgage at the prevailing market interest rate (today it's around 4.3%) with NO income verification, NO credit check and NO appraisal! 
  
  The rationale behind this is that millions of homeowners are struggling to make payments on their existing, higher rate loans but are unable to re-finance and will eventually lose their homes in foreclosure.  Others, though able to make their payments but frustrated by their higher interest rate loans and lower home values, will simply choose to walk away.  Since the government (taxpayers) stands to take a huge loss if that happens (Fannie, Freddie and the others own or back about 30 million mortgages), it's proposed that this would stem the tide by helping to keep people in their homes and add stability to home values.
  
  And for those who are currently able to make their house payments but are unable to refinance or sell due to being underwater, many would spend their new found savings and further help stimulate the economy.  (Refinancing a $300,000 loan from 6.75% to 4.3% would yield a savings of more than $450 per month or $5400 per year).
  
  Sounds to me like this plan has some merit.
  
  Let me know your thoughts by posting in the comments section below.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 28, 2010
• 10:21

  Average Credit Scores Of Central Oregon Feeder Markets Among Highest In US

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  
  According to a study released by credit scoring company Experian, metropolitan areas from which many Central Oregon home buyers relocate have some of the highest average credit scores in the country.¹
  
  A significant number of people desiring to move to Bend currently live in some of the largest cities on the west coast.  Among these, San Francisco (average credit score, 780) and Seattle (777) are in the top 10 metropolitan areas with the highest average credit scores in the United States. 
  Portland (768), Eugene (765) and San Diego (751) are also shown to have credit scores at or above the level that Freddie Mac recently reported as the average for the loans it currently holds in its portfolio. 
  (That the average score in Freddie’s portfolio is 751 while Experian lists the national average credit score at 693 certainly sheds some light on why so many people are finding it difficult to get a home loan these days.  But that’s another story).
  The good news locally is that many prospective buyers from out of the area have credit scores high enough to qualify for a loan.  And as they continue to purchase homes and take advantage of our lower prices, they help add stability to the real estate market in Bend and Central Oregon.
  So potential home sellers, don't fret.  Despite what you may hear about how hard it is to sell your home these days, there are many qualified buyers out there.  Feel free to call me to discuss how I can help you sell your home in today's market. Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 27, 2010
• 11:29

  Credit Scores May Hamper Housing Comeback - Real Time Economics - WSJ

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Most of us know at least a few people who have experienced a financial hardship over the last couple of years. Even if the setback was only temporary, the resulting damage done to their credit scores often continues to haunt these folks, and obtaining credit has become a seemingly insurmountable problem for many of them. According to an analysis done by Zillow Mortgage Marketplace, nearly 1 in 3 Americans may be unable to qualify for a home loan because their credit scores are too low!
  
  
  
  In today's Wall Street Journal there is an article discussing how the denial of credit to otherwise qualified prospective home buyers (those with solid incomes and substantial down payments but less than optimal credit scores) is negatively impacting a real estate recovery.
  
  Credit Scores May Hamper Housing Comeback - Real Time Economics - WSJ
  
  If you know someone who has been denied a home loan because of a bankruptcy, short sale or foreclosure, even though they have a stable income and a sizable down payment, I can help them get a loan and buy a house! I can put them in touch with a lender who gives more consideration to income and down payment, and less to credit scores, than traditional lenders. Please have them call me and let's help them move in to that house they really want to be living in!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 24, 2010
• 14:47

  Fannie Mae Can't Sell Them Fast Enough!

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Banks and other such institutions are the most highly motivated sellers you'll find in today's real estate market.  For a number of reasons, they don't want foreclosed properties on their books and will typically price them aggressively in order to attract a buyer as quickly as possible.  (Short sales are another story, but I'll get in to that in a later post).
  
  But apparently Fannie Mae feels that low prices aren't enough; it is sweetening the pie even more by offering to pay up to 3.5% in closing cost assistance as an incentive to buy one of the houses it has foreclosed on!   And part of the money can even be put towards the purchase of a home warranty!
  
  
  
  A quick search of the MLS shows at least 26 Fannie Mae foreclosures listed for sale.  And many are in desirable neighborhoods like Northwest Crossing, The Parks at Broken Top and Woodside Ranch!
  
  Keep in mind that many Fannie Mae-owned properties are already priced very aggressively.  Throw in another 3.5%  towards closing costs (that's $7000 on a $200,000 house), and there are some absolute steals out there!
  
  But like all good things, this program is scheduled to come to an end.  And soon.  The sale must close within 60 days of offer acceptance and not later than December 31.
  
  If you're even a bit curious about seeing just how nice a house you can buy in today's market, call me.  I'd be happy to show you some of the fantastic deals available from Fannie Mae and others!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 16, 2010
• 16:22

  Good Things To Come?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Despite the downturn in closed sales over the last two months (which I attribute to sales being pulled forward due to the Homebuyer's Tax Credit), pending homes sales reached the highest level for any month this year, and the most since October 2009.
  
  206 home sales were showing as "pending" at the end of August.  With roughly 825 houses currently listed for sale, the number of pending sales results in just 4 months of available inventory, the lowest amount in over 3 years!
  
  While not all of the 206 pending sales will close, a large percentage will and this bodes well for the Bend real estate market.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 02, 2010
• 13:00

  Home Sales Pace Slows

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  My apologies for not having posted for sometime.  My father has been diagnosed with mesothelioma ("asbestos cancer") and I've been helping him seek and get treatment.  Many thanks to all of you who have offered your support, prayers and best wishes as we continue to battle.
  
  After increasing for the last several months, the pace of home sales in Bend slowed for the second month in a row in August.  118 single family houses on one acre or less were reported sold last month, down from 141 in July and from 135 the same month a year ago.
  
  
  
  Perhaps the homebuyer tax credit had a bigger impact on sales than I'd previously been willing to give it credit, as buyers were motivated to buy sooner to qualify for the credit of up to $8,000.
  
  That said, more than 200 pending sales from July and August are still in escrow (buyer and seller signed a sale agreement during those months and are proceeding to close the transaction).   146 of those deals were signed in August alone.
  
  So despite the lower numbers, I remain confident that the level of sales will continue to be fairly balanced with the number of homes listed for sale.  As it stands now, there is just under 6.5 months of available inventory.
  
  As always, please feel free to call or email me with any questions you may have.  541.410.9060.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 14, 2010
• 15:34

  Pending Home Sales Remain Healthy Locally

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Though there was a slight uptick in home sales just prior to the expiration of the $8000 homebuyer's tax credit (buyers were required to be under contract by April 30 in order to qualify), it doesn't appear that the credit was a driving factor in leading home sales higher in Central Oregon.
  
  After a slight decline in May following the passing of the tax credit deadline, pending home sales in Bend increased again in June, registering an 11% improvement from a year earlier.
  
  Pending sales (those under contract but not yet closed) increased to 164 houses last month, up from 156 in May and 148 in June 2009.
  
  The 164 pending sales in June was also an increase of more than 50% from the same month 2 years ago.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 12, 2010
• 16:42

  Traditional Transactions Lead Home Sales Higher

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Home sales in Bend increased 9.35% in June from a year earlier.  Although sales volume has been increasing on a year-over-year basis for several months now, what makes June's numbers more remarkable is that traditional sales accounted for the entire uptick last month.  In fact, both the number of bank-owned transactions and short sales declined in June from a year ago while traditional sales increased by more than 22%!
  
  The price per square foot paid for homes sold last month was down 3.21% from 12 months ago but, at $109.63/sf, last month's median price per square foot price is 4.7% higher than the $104.74/sf for sales through the first 5 months of this year.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 29, 2010
• 15:14

  Expiration Of Tax Credit Doesn't Deter Buyers

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  There is a lot of news in the press about an alleged slowdown in home sales since the expiration of the $8,0000 homebuyer's tax credit on April 30th.  While I don't have first hand knowledge of all the markets across the country, I can tell you that passing of the deadline was little more than a bump in the road locally.
  Since May 1, no less than 240 houses have gone under contract with home buyers who seem to be taking advantage of historically low interest rates combined with a significant reduction in home prices over the last 3 years, tax credits be damned.
  Makes one wonder if the credits were even necessary for reviving the housing market to begin with, especially considering the enormous deficits state and federal governments face for years to come due to unprecedented spending.
  Let me know your thoughts.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 28, 2010
• 11:39

  May Home Sales Yield Another Monthly Increase

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The number of houses sold in Bend increased yet again from year ago levels last month, with147 sales reported to the MLS of Central Oregon in May.
  
  The 147 sales represents an increase of more than 23.5% from May 2009 when 119 homes were sold.
  
  May marked the 16th consecutive time that home sales have increased from the same month a year earlier. Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 06, 2010
• 14:31

  Home Sales Increase Again While Prices Show Stability

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The number of houses sold in the Bend area last month increased 39.8% from a year earlier, while the median price per square foot was down only slightly, from $104.40/sf in April 2009 to $102.51/sf last month. 151 house were reported sold in the month just ended versus a total of 108 a year ago.
  
  April marked the 14th straight month that sales volume has equaled or exceeded the number of closed sales from the same month a year earlier.
  
  The median sale price per square foot last month was slightly higher than it was over the first three months of the year, when the price paid per square foot of living space in stick built houses on one acre or less was $102.15.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 01, 2010
• 13:07

  Will Bend Home Sales Slow After Tax Credits End?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Local TV station runs segment featuring yours truly!
  
  KOHD TV News StorySubscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 30, 2010
• 9:56

  Getting Paid To Buy A House Ends Today....Or Does It?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The deadline for earning federal tax credits associated with the American Recovery and Reinvestment Act is today. To qualify for the credits of up to $8,000, most home buyers must "enter in to a binding contract" by the end of the day today and close on their purchase by June 30.
  
  There is an exception however. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community have another year to qualify.
  
  Not a soldier, foreign diplomat or government spy? Don't fret. There is another little known method you can take advantage of to have the government give you money for buying a house.
  
  Home buyers who purchase a Fannie Mae foreclosure may be eligible for a credit of up to 3.5% of the purchase price to pay for closing costs and/or new appliances. That's $8,050 for a purchase of $230,000; more than the expiring tax credits!
  
  There are many Fannie Mae-owned houses currently for sale in Central Oregon that are in great shape and priced to sell quickly. Combined with historically low interest rates in the 5% range and thousands of dollars in incentives being offered to purchase them, now really may be the best time to buy a new home for you and your family.
  
  Please call me for more details about these and other money saving opportunities available to you for purchasing a home.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 02, 2010
• 14:22

  Bend Home Sales Up, Prices Stable in March

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of stick built houses on less than one acre in Bend increased 46.8% from a year earlier in March. Prices declined just 1.5% year-over-year.
  
  138 houses were reported sold last month compared to 94 in March 2009.
  
  The median sale price per square foot was $109.83, versus $111.53 a year earlier.
  
  With 739 houses currently listed for sale, the inventory of homes for sale is currently 5.36 months. 6 months of inventory is generally considered to indicate a balanced market.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 16, 2010
• 15:38

  Short Selling May Help You Get A Job

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  One of the primary reasons people choose to short sell a property rather than simply letting it go to foreclosure is to minimize the hit to their credit score.
  

  Most of us try to maintain or improve our credit score in order to qualify for or get better rates on home and car loans, credit cards and insurance premiums. But did you know it could also impact your chances of getting a new job?

  Following is an article from online.wsj.com

  
  

  Bad Credit Derails Job Seekers

  After three rounds of interviews for a sales position with Prudential Insurance Co. of America, Patricia Rosa received a letter in February saying her job application was denied based on information from a background check she authorized the company to conduct. The only blemish on her record, she says: Poor credit that built up since she lost her job two years ago.

  Unemployed and in debt, Ms. Rosa is among a growing number of job hunters who find their financial past interfering with their professional futures.

  Concerned about rising rates of employee theft and fiduciary issues, more employers are conducting credit background checks on applicants for some positions. Companies say the financial information can offer insight into a candidate's level of responsibility. But people whose previously solid credit has been damaged by the economic downturn say they are victims of circumstances beyond their control.

  Ms. Rosa believes her credit woes lost her the opportunity at Prudential. A company spokeswoman said Prudential doesn't comment on specific job applicants but that each candidate authorizes the company to conduct a background check, which may or may not include a credit check.

  A 49-year-old single mother of three, Ms. Rosa fell behind on her mortgage and other bills a handful of months after losing her job as a New York City office manager for a mortgage company in early 2008. "My house is in foreclosure," the Nyack, N.Y., resident says. Ms. Rosa is now searching for positions outside financial services, believing other industries will be more tolerant of her debt.

  The federal Fair Credit Reporting Act gives employers the right to conduct background checks on current and potential employees through third-party companies, with the individual's approval. Some 47% of employers say they check the credit history of applicants for certain positions, according to a survey by the Society for Human Resource Management of more than 430 organizations in late 2009. That's up from 42% of employers in 2006. Just 25% of employers in 1998 said they regularly or sometimes checked applicants' credit histories.

  Companies typically look back over a period of years for patterns in applicants' behavior, says Mike Aitken, the professional group's director of government affairs. "It's a longer-term snapshot to see if that's indicative of fiscal responsibility," he says.

  The vast majority of employers who conduct credit background checks do so for jobs with fiduciary or financial responsibility, such as accounting, budgeting or those involving cash or sensitive credit-card information. Nearly half the respondents also consider the credit of candidates for senior executive positions.

  Lawsuits or other judgments outstanding, or multiple accounts in debt collection, were the types of credit information most likely to keep an organization from extending a job offer, according to the survey.

  Legend Financial Advisors Inc., which has about 20 full-time employees, conducts a background check that includes credit for all new job finalists, says Diane Pearson, a financial adviser at the firm.

  The Pittsburgh wealth-management firm had its first encounter with a candidate's poor credit last year, she says. A college student applying for a summer internship had a history of unpaid bills and bounced checks. The firm decided to bypass the candidate. If he had been a candidate for a full-time position, "we may have spent more time and energy" examining the circumstances, Ms. Pearson says.

  Knowing what is on your credit report and offering an explanation for debt caused by a specific event could keep negative information from derailing your employment chances.

  First, be sure you understand what employers can see on a credit check and make sure you understand your report so you can explain any problem areas. Employers receive a credit report, not credit score, from consumer reporting companies. A report includes debt, bill-paying history, number and types of accounts, how long you've had them, and whether you've been sued or have filed for bankruptcy, among other factors. Information can go back seven years—or 10 for bankruptcies. Credit scores, on the other hand, are used by lenders to help determine if you are financially worthy of a loan.

  Certain factors that could hurt your credit score, such as a recently reduced credit-card limit, would be unlikely to hurt your job prospects. Employers focus on issues like collections and defaults, says John Ulzheimer, president of consumer education for Credit.com Inc.

  You might be tempted not to sign a waiver allowing for a potential employer to conduct a background and credit check. But refusing is likely a deal breaker, career counselors say. Employers will assume you are hiding a serious problem, and in today's job market, they won't have trouble finding a more forthcoming candidate. Most employers don't seek permission for a background check until they've narrowed down the pool of candidates to a group of finalists, or have made an offer contingent on such a check, the SHRM data show.

  "You really need to explain your circumstances," says Tammy Kabell, of Career Resume Consulting, based outside Kansas City, Mo.

  Sandy Gross, founder of Pinetum Partners, an executive search firm in Greenwich, Conn., focused on financial services, also suggests explaining the circumstances surrounding the negative information that will turn up and the steps you took to address the situation before employers run a check. "No one likes a surprise," Ms. Gross says.

  Critics of the credit checks say they create a vicious cycle that prevents those who most need jobs from getting them. Lawmakers are pushing for change. U.S. Rep. Steve Cohen (D., Tenn.) has proposed a bill to prohibit the use of credit checks during the hiring or firing process, with certain exceptions. And some states have passed or proposed laws to restrict employers' use of credit checks.

  Consumers can request one free credit report each year from each of the three nationwide credit-reporting companies—Equifax, Experian and TransUnion—through AnnualCreditReport.com. You are also entitled to a free report in certain situations, including if you are unemployed and plan to look for a job within 60 days, or if a company says it didn't hire you because of your credit history.

  If you find mistakes, alert the credit-reporting bureaus and creditors in writing. The process takes time, so review your history at least a month or two before you expect employers, or lenders, to request it, says Experian vice president, Michele Bodda.

  Write to Kristen McNamara at kristen.mcnamara@dowjones.com

  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 19, 2010
• 11:02

  Home Sales See Big Jump In 2009

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The number of houses sold in the Bend/Tumalo/Alfalfa area increased nearly 40% in 2009 from a year earlier.
  
  A total of 1563 houses were sold in last year versus 1123 in 2008, when prices really started to decline and the financial market was on the brink of imploding.
  
  The increase in sales is attributable to drastically lower home prices, historically low interest rates and federal tax credits for home buyers.
  
  The median price for all homes sold in Bend last year was $212,500, down more than 26% from 2008, when the median sale price for the year was $289,000. The median price per square foot fell by roughly the same percentage, from $153.2/sf in 2008 to $112/sf in 2009.
  
  Continued low interest rates also played a role, with 30 year fixed rates staying below 5.5% and even dipping below 5% several times thoughout the year.
  
  In addition, a federal tax credit of up to $8,000 for home buyers is leading some to buy now, before the incentive ends (Unless extended, the tax credits are set to expire at the end of April).
  
  If you've been considering buying a home and haven't seriously looked in a while, I know you'll be surprised to see just how affordable homes are now compared to just a few short years ago. Give me a call today to get started.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 16, 2010
• 16:06

  Graffiti Removal Hotline

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Until just a few minutes ago, I didn't even know Deschutes County had a Graffiti Removal Hotline. It's run through the county Juvenile Community Justice Department and the work is apparently done by youthful offenders. This sounds like an excellent program. Please copy this number and pass it along: 541.385.1720Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 20, 2010
• 16:08

  Home Prices Up In 4th Quarter

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  In yet another sign of stability in Bend's housing market, the median price of homes sold in the 4th quarter rose by 6.1% from the 3rd quarter. Probably even more meaningful is that the median sale price per square foot for homes sold over the last 3 months of the year was 2.9% higher than those sold in the July through September period. (These numbers do not include manufactured homes, houses on more than 1 acre of land or condos and townhouses).
  
  High End Homes Beginning To Move
  And as I've noted here before, sales of more expensive properties have seen a resurgence lately as well.
  
  There were more sales from $750,000 to $1.5 million in the 4th quarter alone (23) than there were in the previous 3 quarters combined (18)!
  
  
  Inventory Continues To Shrink
  Believe it or not, the overall market in Bend could now be classified as a seller's market! With 673 houses currently listed for sale and 163 closed sales last month, there is only slightly more than 4 months worth of housing inventory available. (6 months is generally considered a "balanced market.") Of course, different price segments of the market yield different results but the lower inventory is good news for Bend's real estate market overall.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 05, 2010
• 17:38

  Bend December Home Sales More Than Double From Year Earlier

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  More than twice as many homes in Bend were reported sold last month than in the same month a year earlier.
  
  158 homes on less than one acre in Bend were reported sold to the MLS of Central Oregon last month, an increase of 122.5% from December 2008, when 71 sales were reported in the midst of the worst financial chaos since the Great Depression.
  
  December marked the 3rd straight month that sales activity reached levels not seen since the height of the market in 2005, and the 5th consecutive month sales activity exceeded numbers reported in 2008 and 2007.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 15, 2009
• 15:11

  A Tale Of Two Markets

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  While home sales in Bend have increased from year earlier levels every month since February, breaking down the numbers to see what is selling reveals two vastly different markets.
  
  Of the 176 closed sales last month, 35 sold from between $150k and $200k. Another 41 sold between $100k and $150k. And 7 sold for less than $100k. There are currently 213 houses listed for $200k or less. (I remember in the not too distant past when it was nearly impossible to find a house in Bend for less than $300k. But that's a story for another time!) At November's sales rate, there is just a little more than 2.5 months of inventory in this price range. To put it another way, it would only take until about the end of February to sell all the houses currently listed for $200k or less.
  
  On the other end of the spectrum, there are currently 121 houses listed from between $500k and $1 million. There were 11 closed sales in this price range in November. This equates to 11 months of inventory. And as you might guess, the higher the price range, the greater the number of months of available inventory.
  
  Over the past 12 months, there have been 20 sales from $750k to $1 million in Bend. 40 houses are currently listed for sale in this price range. That's 2 years of available inventory using the sales rate over the last year! But things may be getting a bit better in the higher end of the market; last month, 3 houses closed escrow with sale prices from $860k to $975k.
  
  To find out how much your house is worth and how long it should take to sell, call or email me. As always, there's no cost or obligation.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 11, 2009
• 19:25

  Are You Stupid For Not Buying A House Now?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  A recent article in BusinessWeek makes a good case for buying a home now while interest rates are at/near historical lows rather than waiting to see if home prices might decline further.
  
  Also keep in mind that most home buyers qualify for a tax credit if they buy a house before June 30, 2010.
  
  Lastly, there is talk that the down payment for FHA loans will increase to 5% of the purchase price from 3.5% today. For a $250,000 house, that means that you'll be required to come up with an additional $3750 down.
  
  As the article's author states, "If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime."Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 02, 2009
• 15:45

  November Home Sales In Bend Highest Since 2005

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The number of closed home sales in Bend last month increased by more than 129% from a year ago. The 165 sales are the most for the month of November since 2005, when 252 sales were reported near the peak of home selling activity in Central Oregon.
  
  Distressed sales continued to account for a large part of the overall number of closed sales, with bank owned/foreclosed properties making up 35.8% (59 houses) of the total sales and short sales an additional 23.6% (39 houses).
  
  Home prices have reached a plateau, at least for the time being. With a median sale price of $116.33/sf, November marked the fourth consecutive month, and the sixth time in the last seven months, that the median sale price has been $113/sf or more.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 21, 2009
• 10:16

  Bend Home Sales Continue Strong Rebound

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  With more than a week remaining in the month, closed home sales in Bend already exceed year ago levels by nearly 50%!
  
  72 homes were sold in the entire month of November 2008. So far this month, 105 sales have been reported to the MLS of Central Oregon. There were 112 sales in November 2007.
  
  With 5 business days remaining, it's almost certain that we'll exceed the number of closed sales from 2 years ago and make a run at the 139 sold in November 2006.
  
  I'll be sure to post the final number for the month once they're available.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 06, 2009
• 14:53

  Million Dollar Home Sales Up In October

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  11 properties in the Bend area priced at one million dollars or more closed escrow last month, a huge increase from September when just 3 such properties were reported sold. In fact, only 8 properties with prices of one million dollars or more were reported sold in the entire 3rd quarter of this year.
  
  Another 5 properties priced at or above one million dollars have accepted purchase contracts just since October 1.
  
  While many of these property sellers may feel like they're selling at a steep discount relative to values of a few years ago, it's a great sign for the overall market that higher end properties are starting to move again!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 05, 2009
• 15:36

  Congress Passes Bill Extending Homebuyer's Tax Credit

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The House of Representatives passed a bill earlier today extending unemployment benefits up to an additional 20 weeks. As part of the bill, the tax credit for first time homebuyers was extended and expanded to include a $6500 credit for buyers who purchase a primary residence if they've lived in their current house for at least the last five years.
  
  The tax credit, which was scheduled to expire on December 1, was extended to include those purchase contracts signed by April 30 and closed by June 30.
  
  In addition, the maximum qualifying income levels were increased to $125,000 for single filers and $225,000 for joint filers.
  
  The Senate passed the bill yesterday and President Obama is expected to sign the bill in to law tomorrow.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 04, 2009
• 13:58

  October Homes Sales Highest In Over Three Years

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Single family home sales in Bend reached a level not seen since August 2006 last month.
  
  There were 172 closed sales reported to the MLS of Central Oregon in October. We have to go back more than 3 years to find a month with more sales; 200 transactions closed in August 2006. The next closest monthly sales number over the last 3+ years was 159 in March 2007.
  
  The 172 sales represents an increase of 52.2% from October 2008 and a gain of 13.2% from the 152 closed in September.
  
  Distressed property sales continued to drive the market, with 59 bank owned and 35 "short sales" closing last month, amounting to more than half of all sales (54.7%).
  
  The dollar per square foot price seems to have flattened out, as October's median of $113.93/sf is the 4th time in the last 5 months where $/sf has come in between $109/sf and $114/sf. (The low for the year incidentally was $105/sf in April, while the high was $125/sf in January. The average for the 1st 10 months of this year is $113.5/sf).
  
  There are still many good buys out there and more short sales are coming together each month, so if you're in the market to buy or sell, please give me a call to discuss your situation.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 29, 2009
• 13:48

  Extension of Homebuyer Tax Credit All But Certain

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Obama administration has come out in favor of extending the tax credit offered to homebuyers who have not owned a primary residence in the last 3 years.
  
  Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan issued a statement earlier today that reads, in part, "this credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system."
  
  And it appears that the plan may be expanded to provide a new credit of $6500 to those buyers who have owned their current primary residence for at least the last five years. In addition, there is talk of increasing the maximum qualifying income limit from $75,000 to $125,000 for an individual and to $225,000 from $150,000 for couples.
  
  Though the proposal must still pass through both houses of Congress, it looks all but certain that the tax credit will at least be extended, and likely expanded to include more homebuyers.
  
  I'm aware of a number of buyers who have been reluctant to make offers, especially on short sales, for fear that their deal won't close escrow in time to take advantage of the credit. An extension of the tax credit will certainly encourage more people to buy now.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 28, 2009
• 15:32

  Senators Extend Tax Credit For Homebuyers

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  According to the Associated Press, the Senate has agreed to extend a tax credit for 1st time homebuyers that was set to expire December 1, and to expand it to include some repeat buyers.
  
  Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, said that Senators have agreed to extend the tax credit while also offering a credit of up to $6500 to buyers who have owned their current principal residence for at least the last five years.
  
  A congressional aide speaking anonymously to the AP also said that the tax credit would be available to buyers who sign purchase contracts by the end of April for transactions closing by the end of June.
  
  The full Senate could vote on the bill as soon as tomorrow. Stay tuned!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 27, 2009
• 13:35

  Senate Democrats Agree To Extend Tax Credit

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Reuters reported today that Democratic Sen. Christopher Dodd, chairman of the Senate Banking Committee, said that senior Democrats in the Senate have agreed to extend the first time homebuyers tax credit, which is scheduled to expire on December 1.
  
  Dodd has earlier indicated that he'd like to extend the credit through June 30, 2010 and expand it to include all buyers purchasing a primary residence. Senate Majority Leader Harry Reid has backed a version that would extend the full credit until the end of March and then phase it out through 2010.
  
  No details were released but according to Dodd, the agreement reached would blend these two proposals.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 14, 2009
• 18:32

  Bend Housing Market "Balanced?"

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  A widely-held theory is that about 6 months of available inventory represents a "balanced" or "neutral" real estate market, favoring neither buyers nor sellers. At September's rate of sales, the Bend area housing market has reached this balanced, neutral position.
  
  There were 148 stick built houses on less than an acre reported sold in Bend for the month of September. There are currently 878 houses in Bend currently listed for sale in the MLS of Central Oregon. Dividing 878 by 148 gives us 5.93, which represents the "absorption rate," or the number of months it would take to "absorb" all of the houses listed today at September's sales pace.
  
  Though different price ranges yield vastly different absorption rates, the overall market in Bend continues to show improvement.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 07, 2009
• 13:10

  Distressed Property Transactions Lead Sales Higher

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Bank-owned properties, despite making up only about 6.6% of all houses listed for sale in Bend, accounted for more than 1 in every 3 houses reported sold in September.
  
  According to data pulled from the MLS of Central Oregon, 139 sales of stick built houses on less than 1 acre closed escrow last month. Of these, 53 were bank-owned. In addition, 29 of the 139 sales were "short sales," which occur when a lender agrees to accept less than what is owed on the property.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 06, 2009
• 13:30

  September, 3rd Quarter Sales Continue Upward Trend

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Lower prices, a wide array of houses to choose from and near record low interest rates helped sales of single family homes in the Bend area increase 13.9% in September from a year earlier. And for the 3rd quarter, sales activity was up 32.4% from the 3rd quarter of 2008, according to data compiled from the MLS of Central Oregon.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 15, 2009
• 16:30

  Brisk Summer Home Sales Continue

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The pace of home sales in Bend continued on an upward trend in August, with 131 reported closed sales in the month. This represents an increase of 36.5% from August 2008.
  
  The upswing in sales has been driven by lower prices, with the median sale price for homes sold last month down 21.7% from a year earlier, to $220,000.
  
  Though down year-over-year, August's median sale price was above the median price for sales during the first 7 months of the year ($215,000) and higher than July's median sale price of $217,000. (April's median sale price of $195,000 was the lowest year-to-date, and the lowest since at least April 2005).
  
  I welcome your comments and questions.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• August 11, 2009
• 9:10

  Bend Home Sales Soar

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of stick built houses on less than one acre jumped 39.5% in July from a year earlier. 152 closed sales were reported to the MLS of Central Oregon last month, compared to 109 in July 2008.
  
  There are currently 1,068 active listings on the MLS. At July's rate of sales, this represents just over 7 months of inventory, which is a relatively healthy market (generally 6 months of inventory is considered to represent a balanced market).
  
  While the overall market is becoming more balanced, certain price segments are doing better than others. There are 269 properties currently listed for $500,000 or more. In July, only 19 such properties were reported sold. At this rate, there is over 14 months of inventory. Conversely, 133 houses were reported sold for less than $500,000 and there are currently 800 listings in this price range, equaling roughly 6 months of inventory. And at $250,000 and below, there is just over 4 months of available inventory, with 91 reported sales in July and 379 houses currently listed for sale.
  
  If you'd like to see houses in your price range, just give me a call.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 27, 2009
• 9:52

  New Home Sales Rise

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Click here for the details about the rise in national new homes salesSubscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 11, 2009
• 9:35

  Bend Sales Activity Shows Continued Improvement

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The pace of home sales continued to show improvement in June, with 132 sales reported for the month, an increase of 13.8% from a year earlier.
  
  Through the first 6 months of the year, sales activity has increased 8.9%, with the pace of sales picking up in the 2nd quarter. The number of sold properties increased 13.3% in the April thru May period compared with the same months in 2008.
  
  Much of the improved sales activity can be attributed to lower home prices, with the median price of homes sold in the 2nd quarter down 31.5% year over year, from $306k in Q2 2008 to $209.5k in Q2 2009.
  
  In addition to lower prices, the federal government is offering a tax credit of up to $8,000 to home buyers who have not owned a principal residence in the last 3 years.
  
  To find out more about how to take advantage of today's opportunities, call me at 541.410.9060 or send me an email at Dan@DanEvansRealEstate.com.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 17, 2009
• 14:16

  Short Sales and Foreclosures in Today's Market

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  There is a lot of news about distressed properties in today's real estate market. Though short sales and foreclosures are both considered "distressed sales," the processes and your success in buying one are very different from each other.
  
  While buying a foreclosure generally only requires that you get the lender/seller/owner (typically a bank) to agree to your offer price and terms, a short sale requires not only the seller/borrower's approval but the seller's lender (or in many cases, lenders) must also accept the price and terms of the contract. This is a HUGE difference.
  
  The following recap of May sales sheds some light on just how divergent these two types of transactions can be.
  
  Of the 119 total closed sales in May for stick built houses on less than an acre in Bend, 13 were short sales (10.9%) and 54 were foreclosures (45.4%). Contrast those percentages to the proportion of houses currently listed for sale that are short sales and foreclosures; 32.9% and 5%, respectively.
  
  So while short sales account for nearly 1 in 3 houses listed for sale, they make up just over 1 in 10 closed sales. On the other hand, only 1 in 20 houses for sale is a foreclosure but nearly half of closed sales last month were bank owned!
  
  In addition, the time it took to close the 13 successful short sales last month was a median of 131 days. On the contrary, the median number of days it took for a foreclosure sale to close was 75, nearly 2 months shorter! (The median time on the market for all sales last month was 107 days).
  
  If you or someone you know would like to learn more about the differences between traditional transactions, short sales and foreclosures, please give me a call. I'd be happy to talk with you about the many important differences you need to know about, whether buying or selling.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 09, 2009
• 14:42

  May Home Sales Continue Upswing

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of stick built homes on less than one acre in the Bend area increased 14% in May from a year earlier. 122 sales were reported to the MLS of Central Oregon last month, compared to 107 in May of 2008.
  
  The time it took to sell a house also improved, with the median time on the market for sales closed in May totaling 106 days, versus 164 days a year earlier.
  
  The median sale price for homes sold in May was $217,450, down 28.7% from May 2008. The median price increased from April's $195,000 and from $215,000 for houses sold through the first 4 months of the year however.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 07, 2009
• 12:24

  April Home Sales - The Good, The Bad and......

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Good
  Bend home sales continued their upward trend in April, with 105 stick built houses on less than an acre of land reported sold for the month. This marks an increase of nearly 13% from the same month a year earlier, when 93 homes were sold.
  
  Sales activity is up more than 5% through the first four months of this year over the same time period last year.
  
  Time on the market also continues to shorten, with the median time from listing to closing for April sales reported to be 116 days, down 20 days (or nearly 15%) from a year earlier.
  
  The Bad
  6 of every 10 homes sold in April were distressed properties, with bank owned houses accounting for 43% of sales and short sales making up another 17%.
  
  While short sales held fairly steady at around 17% of all sales, bank owned property sales increased in April from the first quarter of the year, when they made up roughly 32% of residential sales. This is even more astonishing when considering that bank owned properties account for only about 6.9% of all houses currently listed for sale in Bend.
  
  
  The Ugly
  Home prices continued their decline in April. The median price of homes sold last month was down more than 27.5% from a year earlier, and down 11.8% from the first quarter of this year. The median price of April sales was $195,000, down from $270,000 in May 2008 and $221,000 in the January through March period of 2009.
  
  Opportunity
  While it's become common knowledge that home sellers must be realistic in pricing their houses to sell, the current market has created some tremendous opportunities for today's home buyers.
  
  With interest rates on 30 year fixed rate loans right around 5%, the federal government offering "first time buyers" an $8,000 tax credit (defined as someone who has not owned a primary residence in the last 3 years) and prices in Bend down to where they were in about 2004, a buyer can put just 3.5% down using a 30 year fixed rate FHA loan and have a principal and interest payment of only $1,023 per month for the purchase of a home priced at April's median of $195,000.
  
  If you or someone you know is thinking of buying or selling, please give me a call. I'd be happy to discuss the opportunities available to you in today's market.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 02, 2009
• 11:28

  February Homes Sales Up

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of single family stick built houses on less than one acre in Bend increased in February from a year earlier, according to information reported to the MLS of Central Oregon.
  
  61 sales have been reported so far and I expect this number will be even higher as more closed sales from late February are added this week. But even without any additional sales, the 61 posted so far represents an improvement of nearly 20% from a year earlier, when only 51 sales were closed.
  
  What's Selling?
  
  Nearly 60% of the February closings were distressed sales, with 21 bank-owned houses and 16 "short sale" properties sold during the month.
  
  The volume of distressed sales is leading to lower overall prices, with the median sale price of February sales at $215,000 for 1962sf, or $109.6/sf. A year ago, the median price was $320,000 for 2008sf, or $159.4/sf.
  
  While the fall off in prices does indicate continued weakness, the uptick in sales shows that more people are ready, willing and able to purchase a home in today's market.
  
  If you or someone you know is considering selling or buying a home, feel free to get in touch to find out just what you can expect in today's ever changing market.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 19, 2009
• 13:57

  "Distressed" Properties Account For 1 In 4 Houses For Sale

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  There are currently 1167 stick built houses on less than one acre of land in the Bend area listed for sale in the MLS of Central Oregon. Of these, over 25% are showing as distress sales, meaning either a "short sale" or "bank owned" property.
  
  A transaction is considered a "short sale" when net sale proceeds (sale price less transaction fees) yield less than what is currently owed on the property. In order to close the sale, the property owner must either pay the difference between the net sale proceeds and what is owed or get the lien holder(s) to accept less than the amount owed. There are 196 stick built houses currently listed as a "short sale," accounting for nearly 17% of the available inventory of houses for sale.
  
  In addition, there are 99 houses in Bend owned by a lender and listed for sale. This represents 8.5% of stick built houses currently listed for sale in the area. In most cases, the lender has come in to possession of the property following a foreclosure proceeding.
  
  Of the 66 closed sales of stick built houses on less than one acre in the Bend area in January, 29 (or 43.9%) were reported as distress sales.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• February 13, 2009
• 15:05

  Banks Announce Foreclosure Freeze

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  3 of the largest banks in the U.S. announced earlier today that they will suspend foreclosure actions on principal residences for at least a few weeks while Congress and the Obama administration work on crafting a plan to stabilize the financial system.
  
  J.P. Morgan Chase, Citigroup and Bank of America, each of which have recently received billions of dollars from the federal government's TARP plan, issued separate announcements Friday disclosing their plans to institute temporary moratoriums on new foreclosure activity.
  
  Read the article from the Wall Street Journal here: [online.wsj.com] Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 17, 2009
• 12:49

  New Listing in Gated Community of Mtn. High, Bend

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  
  
  
  This single level home features 3 bedrooms, a den/office, 2 bathrooms, a large dining/breakfast area in the kitchen plus a formal dining room. The quiet, impeccably landscaped .60 acre setting is on a quiet cul-de-sac and features majestic ponderosa pines, a large rear deck and hot tub. Three car garage and new roof and water heater in 2008. Mountain High features 9 hole golf, a pool and tennis courts. Really a terrific buy at only $399,000. Call me today to see this beautiful homeSubscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 08, 2009
• 16:36

  Citi Endores Cramdowns

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Citgroup agreed earlier today to support legislation being pushed by some Senators to allow bankruptcy judges to require lenders to restructure mortgages.
  
  In a process referred to as a "cramdown," the judges could lower the principal amount of a mortgage loan so that it equals the current market value of the property. In addition to lowering principal, the bill being considered also would allow judges to lower a loan's interest rate, extend the term of the loan or use a combination of all three actions.
  
  Up to this point, the financial services industry has resisted such legislation, claiming that it would force them to raise interest rates to offset revenue lost from such restructurings.
  
  But after the government pumped $45 billion in new capital into Citi last year as well as agreeing to stand behind hundreds of billions in potential losses from the company's risky assets, the new congress has much more leverage with which to push through such legislation.
  
  Stay tuned!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 07, 2009
• 12:41

  Sales Stall While Re-Fi's Boom

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Despite record low interest rates, home sales in the Bend area continued to stagger along in December.
  
  Just 69 closed sales of single family, stick built houses on less than one acre in Bend have been reported to MLS for the month, compared to 81 in December 2007 and 70 in November.
  
  There are currently more than 1000 completed houses for sale in Bend. Based on the rate of sales over the last couple of months, the absorption rate is over 14 months. A market is generally considered balanced when there is about 5 to 6 months of inventory. Obviously we have a ways to go before we get back close to equilibrium.
  
  Prices also continue to slump. The median sale price for December closings of stick built houses on less than 1 acre was $224,900, with a median dollar per square foot of $126.2/sf. A year ago, the median $/sf number was $160.6/sf.
  
  One bright spot is loan refinancings. A friend of mine owns a local mortgage company and says they are swamped, with re-fi applications making up about 90% of his current business. And it's no wonder; with rates now near 5%, refinancing a $300,000 loan from a 6.5% interest rate will cut the monthly payment by about $300!
  
  So contrary to many rumors flying around, lenders are still making loans. With an adequate debt-to-income ratio, a good credit score and income that can be documented (with a W-2, for example), a buyer can get an FHA loan with as little as 3% down and an interest rate around 5%. At Bend's recent median price of approximately $225,000, that's only $6750 down and a monthly payment of around $1175 per month.
  
  Please feel free to call or email me for more information about Bend real estate matters or to talk about buying or selling real estate throughout Central Oregon.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 20, 2008
• 9:55

  Central Oregon Foreclosure Listings Now Available

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Be among the first to know about newly listed foreclosure properties in Central Oregon!
  
  With nearly 1 in 18 listed residential properties in the Bend area currently lender owned, I have launched a service to provide you with up-to-the-minute information on any newly listed and reduced price foreclosure properties throughout Central Oregon!
  
  This new service provides you with "live" information directly from the MLS via email, so you'll be just as much in the know on available foreclosures as local real estate agents!
  
  The service can be customized to fit exactly what you're looking for (area, price range, size, etc.) so you can be sure to get only those properties that are of interest to you.
  
  So if you are currently in the market to buy a foreclosure or have been thinking about it, call or email me and I'll get you set up to receive free, up-to-the-minute emails on foreclosure properties.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 17, 2008
• 6:48

  Record Low 10 Year Treasury Yields

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  On the heels of the Fed's rate cuts yesterday and an accompanying statement that read in part that it "will employ all available tools" to promote economic growth, the average yield for 10 year Treasury notes fell below 2.15% earlier today for the first time since the Treasury began providing daily data in 1962.
  
  30 year Treasuries also hit their lowest yields since sales of the security began in 1977, averaging 2.63%.
  
  While there is no direct relationship between the two, mortgage rates tend to follow the direction of 10 year Treasury yields. With rates for 30 year mortgages already near historical lows, will we see them fall below 5 percent in the near future?Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 16, 2008
• 11:34

  Fed Cuts Rates Even More Than Anticipated

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Federal Open Market Committee voted unanimously to cut the fed fund target rate to a historic low of 0% to .25% from 1% earlier today.
  
  In addition, the Fed also lowered its discount rate, the rate charged by the Federal Reserve for loans to commercial and investment banks, from 1.25% to .5%.
  
  As noted here before, these rate cuts should lead to lower rates on home equity lines of credit (HELOCs) as well as other consumer debt.
  
  Interest rates on 30 year fixed rate mortgage loans are now ranging around 5%, which is well below historical norms.
  
  The monthly principal and interest payment on a 30 year loan of $240,000 at 5% would be about $1290. At 6%, the payment would be about $150 more, or $1440. Today's rates provide quite an increase in purchasing power.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• 9:12

  Core Inflation Unchanged From October

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Labor Department reported that "core inflation" remained unchanged in November from a month earlier and was 2% higher than a year ago. A 2% annual inflation rate is widely believed to be within the target range preferred by most central bankers.
  
  "Core inflation" excludes food and energy, as these tend to be more volatile than other goods and services. For example, energy prices have fallen about 70% since July and 17% in November alone! This is most obvious to most of us when it's time to fill up the gas tank.
  
  The Federal Open Market Committee is meeting today and most analysts expect a rate cut of .5%. The recent inflation numbers make that scenario even more likely now.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• December 08, 2008
• 16:55

  Home Sales Slow In November

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Despite mild weather, the presidential election and uncertainty about the overall economy seemed to keep buyers preoccupied and on the sideline last month.
  
  The pace of sales for single family, stick-built houses on less than an acre in the Bend area slowed noticeably in November, with only 68 reported closed sales. There were 97 closings in the same month a year earlier and 112 in October 2008.
  
  The median sale price of homes sold in November was $260,585 and the median price per square foot was $132.6/sf, down from $339,000 and $167/sf from a year earlier.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 18, 2008
• 10:32

  New Listing, NE Bend, Near Mtn. View High

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  
  
  
  Not a short sale or foreclosure; just a great value! This 3 bedroom, 2.5 bathroom home features extensive wood flooring inside and pavered walks and patio outside. It's only a couple short blocks to Mtn. View H.S. and close to Ponderosa Elementary School, a planned 159 acre park, Costco, St. Charles Hospital, theaters, shopping and dining. Also includes a hot tub and custom built storage shed. Only $239,900!
  
  Call me today if you or someone you know would like to see this well-priced home!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 05, 2008
• 19:52

  Existing Home Sales Show Legs

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  For the third in the last four months, sales of existing homes on less than one acre in Bend nearly matched the number reported a year earlier. 81 sales were reported in October, compared to 83 in October 2007.
  
  Prices held up pretty well overall also. The median sale price per square foot of existing houses on less that an acre was $158.4/sf in October, versus $161.2/sf a year earlier. (Keep in mind that the $/sf figure is useful in gauging the health of the market overall and not for determining the price of one specific property.)
  
  With prices down substantially from the highs of 2005/2006, more buyers are out looking to see what they can get for their money. And many are happily surprised to find out they can now buy a house that they couldn't afford a year or two ago.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 01, 2008
• 18:02

  October Home Sales Keep Pace

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of existing homes on less than 1 acre in Bend in October were close to the number recorded a year earlier.
  
  As of today, 75 sales have been reported for October. And with the month ending on a Friday, I expect to see a few more October sales reported next week. 83 houses were reported sold in October of 2007.
  
  In addition, the median sale price per square foot of houses on less than one acre actually increased in October from a year earlier, from $161.2/sf to $161.8/sf.
  
  Though one month is hardly a trend, these are more signs that we just might be bumping bottom on the housing market slowdown.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 22, 2008
• 11:40

  Dramatic Rise in California Home Sales

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  According to information released by MDA Dataquick, home sales in California jumped 65% in September from a year earlier.
  
  And perhaps more importantly, the sales recorded in September were also up about 6% from August.
  
  While more than half of the existing home sales recorded in California last month were foreclosure resales, and the median price of those sales was down 34.2% from a year earlier, it does provide proof that there are ready, willing and able buyers today.
  
  This is a good sign for the market locally since California is a big feeder market for Central Oregon. There's no doubt that some of these recent home sellers are now in the process of relocating to the Bend and buying homes here.
  
  According to Dataquick, the inflation-adjusted mortgage payments homebuyers committed themselves last month were back to where they were in early 2001, before home prices shot up so drastically.
  
  Speaking from personal experience, it seems to me that there are more people out "kicking tires" and inquirying about properties listed for sale.
  
  Hopefully this trend will continue from here on.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 20, 2008
• 17:47

  Bend Still Drawing Press

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  CNN.com's Travel writer Naomi Lindt featured Bend in a recent article.
  
  [www.cnn.com]
  
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 15, 2008
• 10:24

  Real Estate Auctions - Don't Buy 'Em!

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  While real estate auctions are most often associated with distressed properties up for bid on courthouse steps, some companies are trying to take advantage of today's market by pitching auctions as a viable alternative to traditional marketing methods. But are auctions worth the thousands of dollars sellers are required to pay upfront to the auctioneer regardless of whether their property actually sells? And do buyers necessarily get a good deal buying at auction?
  
  Auction company owners and employees like to portray the auction process as effective at establishing a property's market value. But “true” market value is ultimately determined by exposure to the biggest, broadest market possible. And today, with widespread public access to MLS information and a seemingly infinite number of real estate websites allowing visitors to search for property online, reaching a broad market of potential buyers is easier than ever. Auctions certainly don’t expand the market any further.
  
  A property seller would be much better off listing their property with a real estate agent at the minimum price they are willing to accept (think of it as the "reserve price" used at auctions) and stating that they will not be responding to any offers for x number of days to ensure that the property receives broad exposure. This is a common strategy with lender-owned properties and it sometimes results in multiple offers. And unlike the auction process, it costs the seller nothing!
  
  Another quirk about auctioned properties is that they’re typically sold “as is.” A winning bidder is often required to put down a non-refundable deposit BEFORE having the property professionally inspected or even appraised! Of course, a bidder could elect to have a house inspected and/or appraised beforehand. But who in their right mind would be willing to shell out hundreds or even thousands of dollars to do so before having some type of assurance that they will have first dibs on the property? What about inspecting it afterward? While this is possible, keep in mind that the seller is not obligated to fix any defects discovered. A buyer’s only options then are to go forward with the sale or forfeit thousands of dollars of deposit money.
  
  Furthermore, most auctions allow the seller to set an unpublished “reserve” price. If no bid meets or exceeds the reserve amount, the seller is not obligated to sell. Any bidder who has paid out money to have the property inspected and/or appraised is SOL. Does that seem like the best way to go about buying a house?
  
  There is an auction scheduled to be held in Bend tonight. I'll write about the results soon, though I'm not expecting much.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 01, 2008
• 10:33

  Number and Pace of Home Sales Up From Last Year

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Despite widespread reports of buyers having difficulty obtaining loans and a slowing economy, September sales reported to MLS show that 119 stick-built houses on less than one acre were sold in Bend. This is the highest number of sales reported in at least a year. A year ago, 114 houses were reported sold in September. The 119 houses sold last month is also a big improvement from the 97 reported sold in August.
  
  In addition, the amount of time it took to sell a house in the just completed 3rd quarter was less than a year ago. The median days on the market (DOM) for houses sold in the 3rd quarter was 137 days. A year ago it took more than 2 weeks longer, with a median DOM of 153 days. And the pace quickened even more last month, to a median of 132 DOM.
  
  The median price of houses sold in September was $277,900, 16.2% less than a year ago.....and 26.8% below 2 years ago.
  
  On a price per square foot basis, the change is even more dramatic; last month, the median sale price per square foot for stick-built houses on less than an acre in Bend was $139.3/sf. A year ago, this number was $182.7/sf and in September 2006, it was $197.8/sf.
  
  There are plenty of great houses to see (about 1500 are listed for sale in Bend) and interest rates are still near historical lows (around 6% for a 30 year fixed rate)
  If you haven't looked in a while and are curious to see what you can get for your money now, or you want to know what your house is worth in today's market, call me, with no obligation, of course.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 23, 2008
• 17:17

  4000sf Custom Home plus Shop on 2.5 Acres in Bend

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  
  
  
  
  
  
  This beautiful 4000sf custom home is on a private, serene 2.5 acre lot along the river-like COI main canal and has 1.25 acres of water rights. Horses are allowed.
  
  It includes a 40' x 50' shop with RV hookups and utilities run to it. It is also framed for an apartment or office.
  
  All this and it's in town, only only a short walk to distinguished Lava Ridge Elementary and SkyView Middle Schools and the new Les Schwab corporate headquarters!
  
  $1,250,000
  
  Call me today to schedule your private showing.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 19, 2008
• 20:43

  Renaissance Homes Chapter 11 Bankruptcy Letter

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• 18:59

  Renaissance Homes To File Bankruptcy

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Randy Sebastian, president of Portland-based Renaissance Homes, disclosed in an email letter I received earlier today that the company plans to file Chapter 11 bankruptcy.
  
  Sebastian's letter says that Renaissance plans to "conduct 'business as usual' while in Chapter 11" by selling off its existing inventory of completed houses, finishing those houses currently under contract but not yet completed and starting any new homes that are pre-sold.
  
  According to wikipedia, "a chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations." (For more on Chapter 11 bankruptcy, check out wikipedia).
  
  Renaissance currently has several projects at various stages of development throughout the northwest, including Aspen Rim (Renaissance Ridge) in southwest Bend, Fremont Place in Bend's Northwest Crossing neighborhood and Shevlin Pines off Shevlin Park Road on the way to Shevlin Park in Northwest Bend.
  
  Visit Renaissance-Homes.com for more information.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 16, 2008
• 9:25

  FREE Document Shredding Event To Benefit Local Food Bank

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} I'm very happy to announce that my associates and I at Steve Scott Realtors are partnering with SecureShred on Saturday, October 4, 2008, to provide residents the opportunity to safely destroy personal documents and gather donations for a local food bank. SecureShred, a division of Bend Garbage and Recycling, will offer on-site document destruction at no cost to the public.
  
  Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} You may bring all documents to be destroyed without removing staples, brads or paperclips. No advance sorting is necessary. The truck will destroy items right there on site, including binders!
  
  In return, we ask that you bring a bag of non-perishable food items for the NeighborImpact Food Bank. Providing food to 32 local agencies in Crook, Deschutes and Jefferson counties, NeighborImpact is part of the Oregon Food Bank statewide network. Cash donations and checks will also be accepted in lieu of non-perishable food.
  
  This event will take place at Steve Scott Realtors parking lot, 685 SE 3rd Street, Bend, from 8 a.m. until noon. If you have any questions, please call me at 541.410.9060.
  
  Please note that this event is open to residential shredding only and does not include commerical businesses.
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 11, 2008
• 14:18

  More Experts Expect Housing Bottom Next Summer

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  A group of so called experts predicted Wednesday that the nation's real estate market will stabilize next summer.
  
  During a forum held in New York yesterday by Standard and Poor and the Chicago Mercantile Exchange, several well-respected economists agreed that the housing market will level off next summer as overall price declines make more houses more affordable to more prospective buyers and mortgage loan money becomes more readily available as the current credit crisis passes.
  
  For more on this story, click here: [money.cnn.com] Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 09, 2008
• 13:51

  Rates Fall Below 6% On Takeover Of Fannie, Freddie

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Mortgage interest rates have fallen below 6% this week following the news Sunday that the Treasury Department will take over Fannie Mae and Freddie Mac. The rate on a 30 year fixed rate mortgage now stands at around 5.875%
  
  Since the two entities' debt is now backed by the full faith and credit of the U.S., buyers of mortgage backed securities are now willing to accept lower yields, closer to those of treasury bonds which are perceived to be "risk free." This narrower yield spread in turn leads to lower interest rates on home loans.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 05, 2008
• 14:48

  Home Sales Dip In August

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  89 stick built houses on less than an acre in Bend have been reported sold to the MLS of Central Oregon. This is 18 fewer than were reported sold in July and 55 less than a year ago.
  
  The median sale price also declined, from $289,000 in July to $278,865 in August but the median price paid per square foot actually increased. Buyers paid $154.9 per square foot in August versus $153.7 in July. In July 2007, the median sale price was $350,000 and the median price per square foot was $177.5.
  
  Meanwhile, sellers were able to sell much faster in August than in July, or even more quickly than a year earlier for that matter. Of the 89 houses sold it August, the median days on the market (DOM) was just 92 days. In July it was 143 days and a year earlier the median DOM was 134 days.
  
  I think two of the main reasons houses sold more quickly is that a) there are more bank-owned houses that are "priced to sell" and b) more home sellers realize that proper pricing is critical in today's market.
  
  Home sales activity typically peaks in September and October, as sales contracts that were written in July and August are completed. But this is anything but a typical market so we'll have to wait and see how this fall compares.
  
  There are plenty of nice houses to look at, interest rates are still good (at around 6.5% for a 30 year fixed), FHA loans are readily available with only 3% down (that's less than $8400 at August's median sale price) and home sellers are very motivated. If you've considered buying, give me a call at 410.9060 and let's get started!Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 04, 2008
• 14:40

  Building A Better Central Oregon Seeking Nominations

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  I have been asked this year to sit on the Building A Better Central Oregon committee by the Central Oregon Association of Realtors.
  
  The committee is responsible for reviewing selected commercial and residential construction and renovation projects that enhance the beauty and vitality of the central Oregon community.
  
  The committee is currently seeking nominations.
  
  The basic criteria for qualified properties or projects is that they 1) must have been completed within the past two years, 2) make a significant impact on and enhancement to the community and 3) be either new construction or renovation/restoration.
  
  In addition, a project will be more highly considered if it is visible to the public, privately funded and incorporates locally sourced materials.
  
  The Building A Better Central Oregon awards were created in the early 1980s as a way to recognize individuals who were investing in the the community by renovating and improving older homes. In the more than 20 years since its start, the program has grown substantially and now includes commercial and residential building projects, including new construction.
  
  If you would like to submit a property/project for consideration, please contact me. Please be able to provide general information on the project along with photos. Renovations and restorations projects will require before and after photos.
  
  Nominations are being accepted through September 21 and awards will be given out at an awards ceremony later in the Fall.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• August 29, 2008
• 10:09

  Buyers Willing To Offer Full Price

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Even in today's challenging market, buyers will pay list price and more if they perceive they're getting value for their money.
  
  More than half of the stick built home sales on less the one acre in Bend this month have sold for at least 95% of their asking prices. In fact, 25% sold at or above list price! (Stick built houses on less than an acre account for well over 80% of all residential sales.)
  
  The properties sold run the gamut, from typical owner occupied houses to rentals, short sales and bank owned foreclosures. So contrary to popular opinion, home sellers do not need to price in a "cushion" to negotiate with when marketing their houses. Often just making a house presentable and accessible and pricing it correctly is all that is needed to attract an acceptable offer.
  
  If you're considering selling, contact me to find out what your property is worth, with no obligation of course.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• August 27, 2008
• 14:16

  More Lenders Coming To Grips With Realty Reality

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  As foreclosures continue to mount nationwide and with prices still declining, lenders are now more willing than ever to work with struggling homeowners to help keep them in their homes.
  
  Hope Now, a consortium of loan servicers, lenders and investors reportedly restructured 192,034 loans in July alone. Of these, 80,000 or 42% involved permanently modifying the loan terms to make them more affordable. A year ago, only 24% of the workouts arranged included permanent modifications. The remaining 112,034 workouts involved new repayment plans. The coalition reports helping more than 2 million borrowers during the last 13 months.
  
  Many lenders, servicers and investors were initially reluctant to restructure the original loan terms. But as it's become more obvious that the problem is widespread and not likely to turnaround anytime soon, they are now cooperating more with borrowers.
  
  Surprisingly, the majority of struggling borrowers do not contact their lenders to try and arrange a solution. According to Faith Schwarz, the executive director of Hope Now, of 1.6 million letters sent out by the coalition since November 1 2007 to borrowers 60 days past due, 80% of borrowers had not contacted their lenders a month after receiving the letter.
  
  If you or someone you know is struggling with making your mortgage payment, please contact your lender. Communication is key. And the sooner the better.
  
  If you'd like to discuss your situation with me in strict confidence and without obligation, please call.
  
  The Hope Now alliance can be reached at [www.hopenow.com] Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• August 12, 2008
• 15:54

  FHA Loans Gain Status In Today's Market

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Lack of having the required down payment is the second most common reason potential buyers give as to why they don’t or can’t buy a house (just behind high home prices).

  When times were good and money was cheap, the ability to fog a mirror was about all it took to get a home loan; lack of a down payment was rarely an issue and FHA-type loans were seldom used. But now most traditional lenders are demanding 5% or more down.

  FHA however still guarantees loans with just 3% down. The difference between 5% down and 3% down may not sound like much, but it’s $6000 on a loan of $300,000. In fact, with the allowable FHA limit in Deschutes County now at $447,500, a buyer can get in to a house with a down payment of nearly $9000 less than a traditional lender would require.
  
  If not having enough for a down payment is one reason why you've been holding off from buying a house, call me to find out more about FHA and other low down payment options. You might be closer to making your dream of being a home owner come true than you think! Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• August 08, 2008
• 12:30

  Cost Of Getting A Home Loan Increases

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Fannie Mae reported today a loss of $2.3 billion for the 2nd quarter. Earlier this week, Freddie Mac announced that it lost $821 million in the same period. As a result, both have said they will be making changes that will make mortgage loans harder and more expensive to get.
  
  In effort to shore up their books, Fannie and Freddie will impose higher fees on lenders who sell loans to them. In turn, these lenders will pass their increased costs through to borrowers, which will result in higher interest rates for home loans.
  
  In addition, Fannie will stop buying Alt-A loans by the end of the year. Alt-A loans are often used by borrowers who can't document their incomes, such as self-employed individuals. In the recent past, these people were able to obtain loans based primarily on their credit scores, often with little or no money down. In the wake of the housing market bust and the credit crisis, this option has been pretty much taken off the table.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 28, 2008
• 9:34

  Builders Take Bigger Hit Than Other Homesellers

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  In June of 2008, 114 homes on less than an acre were reported sold in Bend. This was down 25% from the 152 sold a year earlier. But it was new homes that saw the biggest slowdown in activity; sales of newly built houses were down 47% in June while existing home sales decreased by a relatively modest 16%.
  
  And where new home sales accounted for 3 of every 10 houses sold in June '07, one year later that number was down to 2 in 10.
  
  And finally, the number of standing spec houses for sale (newly built but yet to be sold) continues to shrink as many have been sold and builders pull back from building more.
  
  While not meaning to imply that we're out of the woods just yet, I think this is on more sign that we are slowly making our way through this challenging market environment.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• July 24, 2008
• 12:52

  Sales, Prices Up in June

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Numbers from the MLS of Central Oregon show that home sales activity in Bend increased in June, with 114 stick built houses on less than an acre reported sold during the month. Sales reported for May totaled 106 houses.
  
  The median price per square foot for houses on less than an acre sold in June was also up from a month earlier. Of the 114 sold in June, the median $/sf was $165.6, compared to $154.8 in May.
  
  Finally, the median sale price for houses on less than an acre also increased to $315,000 in June, up from $302,500 in May.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• 9:59

  One In Three Houses For Sale Is Vacant

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Of the approximately 1536 existing stick built houses on less than one acre currently listed for sale in Bend, more than one third are vacant.
  
  Data pulled from the MLS of Central Oregon shows that 555 houses on less than 1 acre are standing vacant and listed for sale. Of these, 252 are new spec homes and 303 are existing houses.
  
  The 555 vacant houses represent about 36% of all stick built houses currently listed for sale in Bend.
  
  Since there is no need to coordinate schedules with multiple individual home sellers, it is much easier to get in and see a lot of vacant houses in a short period of time. If you'd like to get out and see what's currently for sale, feel free to give me a call to set up a time to go out and take a look...410-9060.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 30, 2008
• 17:26

  Preliminary Numbers Show Signs of Stability

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The housing market in Bend may indeed be finding its footing. 94 closed sales of houses on less than 1 acre have been reported so far in June. May's final number came in at 106 closed sales. I would suspect we'll see at least a few more closed sales for June logged over the next few days.
  
  Prices too seem to be leveling off after months of decline. The median price of a home in Bend on less than 1 acre sold in June was $315,000 with 1916sf. In May, the median sold price was $302,500 and had 1954sf. So we actually saw the $/sf price increase from $154.8 to $164.4.
  
  I'll report back next week to see how the final numbers turn out.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 12, 2008
• 11:31

  Interest Rates Jump

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Interest rates for mortgages have moved significantly higher over the last 30 days, as investors have been spooked with fears of inflation.
  
  We've talked about the correlation between mortgage rates and 10 year treasury yields before and that relationship is evident in the graph above.
  
  As higher food and energy costs begin to be felt worldwide, and with Fed chair Ben Bernanke now talking about supporting the dollar against other currencies, investors are beginning to anticipate higher rates in the future. This expectation drives the value or price of fixed income securities, like 10 year treasuries, lower and their corresponding yields higher. This in turn leads to higher rates for mortgages.
  
  High Rates Mean Less Purchasing Power
  
  In the last 60 days, rates on 30 year fixed rate loans have increased from around 5.6% to near 6.25%. For a loan of $300,000, this means about $125 more per month, an increase of 7%.
  
  Another way to look at this is that a payment of $1850 at 5.6% would buy you a $321,732 loan. Now that same $1850 buys only $300,000.
  
  Is Now The Time To Buy?
  
  Though I don't expect home prices to increase quickly anytime soon, I do think we'll see higher interest rates going forward. And as rates increase, your purchasing power decreases. So even if home prices continue to go down, higher mortgage rates may cause your monthly payment to remain the same or even increase.
  
  So if you've been considering buying a home, now is a good time to get out and look; there are lots of houses to look at and rates are still historically low.
  
  
  
  
  
  
  
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 09, 2008
• 13:52

  May Sales Numbers Show Increase In Activity, Prices

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of stick built homes on less than 1 acre in the Bend/Tumalo/Alfalfa area showed an increase in both sales volume and sales price in May from a month earlier.
  
  103 houses were reported sold in May, with a median sales price of $305,000. This compares to April's sales figures of 92 houses with a median sales price of $273,500.
  
  Price paid per square foot of homes sold in May increased as well to $155.5/sf compared to April's median of $154.3/sf.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• June 02, 2008
• 13:56

  Prices Hold Steady

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Preliminary numbers indicate that the price per square foot for houses on less than an acre sold in May held steady from April at $154.6/sf.
  
  While this is down from a year ago, when the price per square foot was $197.6, it is another sign that we may be bumping bottom on prices.
  
  Closed sales also held fairly steady in May, with 97 reported sales versus 91 in April. Then again, sales typically pick up in late spring and through the summer.
  
  With 15+ months of inventory available, there is a great selection of houses to choose from. Give me a call if you're interested in seeing what's out there.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 29, 2008
• 12:29

  Four Month Numbers Show Big Change

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  It's hardly news that housing prices in Central Oregon have receded from the highs reached from late 2005 until the beginning of 2007. But going over the sales numbers from the first four months of this year and comparing them to those of the last several years yields some very interesting things.
  
  Sales Activity Finding Its Footing?
  There were 158 reported sales of stick-built houses on less than an acre in the Bend/Tumalo/Alfalfa area from January 1 through April 30 this year. While this is considerably less than the volume for that same period going back to at least 2001 (in 2005, there were 513 sales reported!), it is close to the 168 houses sold in the first four months of 2007.
  
  Based on these comparable numbers and the recent activity I'm seeing, I hazard to guess that we're now bumping bottom in terms of sales activity.
  
  Relative Prices
  The median sale price of the 158 houses sold on less than one acre from Jan. 1 through Apr. 30 was $245,000, down about 5% from the $258,650 reported over this same period in 2007. But what's most telling is what you get for your money!
  
  $258,650 in the first four months of 2007 would buy you a 3 bedroom, 2 bath house with 1333 square feet. That's $194 per square foot. Over this same period this year, the median house reported sold grew to 1596 square feet and cost $245,000. That's only $154 per square foot, or 21% less than just one year ago!
  
  Historical Price Appreciation
  While some years we see a higher rate of price appreciation and other years a lower one, the annual increase in house prices going back several decades averages around 8%.
  
  Starting with the median price per square foot reported for the first 4 months of 2001, $94.8, and adding 8% year over year, the median price/sf in 2008 would come in at $162.5.
  
  At $154 per square foot, the median price per square foot for the reported sales in the Jan. thru April period this year is more than 5% lower than the historical average.
  
  Another sign that we're bumping bottom?
  
  
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• May 14, 2008
• 17:22

  Zillow Reports Bend Area Prices Down 13.4%

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  According to Zillow, home prices in Bend decreased 13.4% in the 1st quarter compared to the 1st quarter of 2007.
  
  Though I don't rely on Zillow to determine home prices (especially in Central Oregon), these latest numbers are somewhat in line with what we know already; prices have come down from the highs reached in the summer of 2006.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 30, 2008
• 13:44

  Fed Lowers Rates Yet Again

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  For the 7th time since last September, the Federal Reserve cut its target for the federal funds rate earlier this week. The rate, charged on overnight loans between banks, now stands at 2%, down a cumulative 3.25 percentage points in the last 8 months. The Fed simultaneously cut the discount rate, charged on direct loans to banks and securities dealers, from 2.5% to 2.25%.
  
  What It Means For Mortgage Rates
  Though there is no direct correlation between the fed funds rate and interest rates on mortgage loans, many investors look to the yield on 10 year treasury notes as a barometer for 30 year mortgage rates. While treasuries are considered "risk free," mortgage rates generally about 1.5% to 2.0% (150 to 200 basis points) higher than 10 year treasuries to compensate for the risk that a home loan will not be repaid.
  
  With the 10 year yield now at 3.86%, rates on 30 year mortgage loans are right around 6%, certainly at the higher end of the historic margin range. This is an indication that buyers of mortgage backed securities are still somewhat risk averse, expecting higher inflation and/or more challenges in the real estate market.
  
  But since most HELOCs (home equity lines of credit) and consumer rates (credit cards, etc.) directly track the prime rate, and the prime rate typically tracks the fed funds rate, expect to see some relief on these rates immediately.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 17, 2008
• 9:58

  Foreclosures and Short Sales

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Many people have been asking lately about foreclosures and short sale properties. From these conversations, it's become clear to me that there is a lot of confusion about these two vastly different transactions.
  
  A quick and simple way to distinguish the two is to think about "foreclosures" (often referred to as "bank-owned" or REO properties) as those properties that are now owned by the lender (REO is bank jargon for "real estate owned"). A "short sale" is an alternative to foreclosure.
  
  A "short sale" property is still owned by the borrower/homeowner but will require a lender's approval before it can be sold, since the borrower/homeowner will not clear enough from the sale to pay off the outstanding loan amount. The following link does an excellent job of describing the challenges involved with short selling a property.
  
  [online.wsj.com]
  
  Keep in mind that as a buyer, you stand a much better chance (not to mention a much faster and easier process) finding a "bargain" by purchasing a "foreclosure" versus a "short sale."Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• April 07, 2008
• 12:20

  March Numbers Show More Buyers, Lower Prices

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  89 single family homes on less than an acre were reported to have closed escrow in the greater Bend area in March. The median sale price was $293,000 or $159.1/sf.
  
  33 more homes were reported sold in March than in February. Sales activity however was down substantially from a year earlier; 159 homes were sold in March 2007.
  
  The median price a year ago was $358,000, reflecting a $/sf price of $182.7 per square foot.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 18, 2008
• 17:55

  Fed Lowers Rates, DOW Soars

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Federal Reserve cut it Fed-Funds Target Rate by .75 percentage points today to 2.25%. The Fed has now cut the rate by a full 3% since September.
  
  Though many investors had hoped for a full point reduction, the 75 basis points was only the second time the fed has cut that drastically since at least 1994. And any disappointment on Wall Street was quickly put aside, as the Dow Jones Industrial Average recorded a gain of more than 420 points, a surge of 3.5%.
  
  Commercial banks began lowering their prime rates by an equal amount, to 5.25% from 6%. Some variable rates, especially Home Equity Lines of Credit (HELOC), are directly tied to the prime rate so consumers should see some immediate relief.
  
  Mortgage Rates
  
  Many of the Fed's rate cuts to date have not fully filtered through to home buyers. Though the Fed started cutting rates in September, rates rose above 6% in February from about 5.5% in December. They've only recently dropped below 6% again.
  
  Among "Jumbo" loans, rates are actually higher now than they were last July, mainly because investors are reluctant to buy securities backed by such loans.
  
  
  
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• March 06, 2008
• 11:08

  FHA Raises Conforming Loan Limits

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The Federal Housing Administration announced today that mortgage loan amounts backed by Fannie Mae and Freddie Mac will rise to a maximum of $729,750 in more than 70 counties across the U.S. The previous maximum amount for these loans, known as "conforming loans," was $417,000.
  
  While the counties now eligible for the highest amounts are in California, New York and other high priced areas, the new conforming limit in Bend was increased to $447,500.
  
  Lower "jumbo" rates
  It is anticipated that allowing Freddie and Fannie to guarantee loans up to the new limits will encourage lenders to reduce interest rates on loans above the previous threshold of $417,000, so called "jumbo" loans. Prior to the credit crunch which began last summer, the difference in rates between conforming and jumbo loans was around .25 percent. The current tighter credit market has seen this spread increase to as much as 1 percent.
  
  What this means locally
  The new loan limit will not only help Central Oregonians qualify for bigger loan amounts. Another, perhaps bigger, benefit locally is that increased conforming limits in our "feeder" markets (particularly California) will help those people wanting to move here improve the chances of selling their existing houses, as more buyers will be able to afford higher priced homes there. The new conforming limit in San Diego is $696,500, Sacramento $580,000 and Riverside-San Bernadino $500,000.
  
  The new rates are supposedly temporary and set to expire Dec. 1 of this year.
  
  Here's a link to a table showing the new limits by MSA:
  [online.wsj.com] Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• March 04, 2008
• 16:13

  I'm Not Calling A Market Bottom But.....

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  After seeing the median home price in Bend climb by about 50% in 2 years (2004 to 2006), I'll be among the last you'll hear claim that we've hit bottom as far as prices are concerned.
  
  But what about interest rates?
  
  The average rate on a 30 year fixed rate loan is now about 6%. The lowest rate we've seen on these loans in the last 40+ years is about 5.25% The highest rate since 1970 was close to 18.5%, in 1981. [www.freddiemac.com]
  
  With interest rates currently near historical lows (not to mention the accelerating rate of inflation), it is highly unlikely that we'll see interest rates go significantly lower any time soon. It's a better bet that rates will increase this year.
  
  Purchasing power versus purchase price
  
  Which brings me to the main point of this blog entry: While most people are concerned about the price they pay when buying a home, you may want to pay more attention to interest rates these days.
  
  Let's say you could afford to buy a house you really like for $350,000 today. Putting 5% down ($17,500) and paying 6% on a loan for the balance would equal a payment of about $2000 a month.
  
  But maybe you're hesitant because you think prices will come down even more. Let's assume you're right and prices do fall further, say 10% this year (a dramatic decrease by almost every account). If that were to happen, a year from now you could buy a house comparable to the one you like today at $350,000 for just $315,000.
  
  Now let's also suppose that mortgage rates start returning closer to their historical average (about 8.5%) and a year from now the rate on a 30 year fixed is 7.25% (certainly a possibility, especially considering that rates were at about 6.7% less than 8 months ago and inflationary pressures are increasing).
  
  Under this scenario, even though you pay a lower price, your payment would go up $50 a month simply because interest rates ticked up a bit closer to their historical average!
  
  What to do
  
  If you've even remotely considered buying a home in the next couple of years but are waiting for prices to fall further, talk to your bank today to find out the loan amount you qualify for and what the corresponding payment would be. This is a fast and easy process and costs you nothing. You can then start looking at houses and be in a great position to buy the home that's just right for you.
  
  Feel free to call me to discuss your situation in more detail or to begin your search for a new home!
  Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 28, 2008
• 12:18

  Have We Hit A Housing Trifecta?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Conforming 30 year fixed rate mortgages are now averaging just a tad under 5.5%, while "Jumbos," those loans above $417,000, are now in the 6.5% range. Less than 6 months ago, these rates were closer to 6.3% and 7.2% respectively.
  
  To put this in perspective, a $400,000 loan 6 months ago had a monthly payment of about $2476 (P&I). Today, the payment for that same loan amount would be $2271, a savings of $205 per month!
  
  Another way to look at this is to consider the increase in your purchasing power. 6 months ago, a payment of $3395 would get you a loan of about $500,000. That same payment today would give you almost $37,000 more!
  
  Home prices have come down, there are many nice houses for sale and interest rates are very low; a housing trifecta! You just might now be able to buy that house of your dreams! Call me to find out. After all, it doesn't hurt to look.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 05, 2008
• 6:47

  More On Vacant Houses

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  As a follow up to the last post, 46% of houses on less than 1 acre and currently listed for sale in Bend are vacant according to data from MLS.
  
  There are 1256 stick built houses on less than an acre listed for sale. Of those, 256 are vacant "existing" houses and 328 are "new construction" with completion dates of February 29 or sooner.
  
  While it's doubtful that all of the "new construction" listed with completion dates between now and the end of February will be finished as scheduled, there are still a lot of empty houses waiting for buyers.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• 6:08

  39% Of Homes For Sale Are Vacant

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  According to data culled from the MLS, 634 out of the 1639 stick-built houses, townhomes and condos currently listed for sale in the greater Bend area are vacant. That's 39% of the total inventory of houses for sale.
  
  475 of the vacant properties are listed as new construction. Of these, 396 show that they're completely built or will be by the end of February.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• January 03, 2008
• 9:00

  Inventory Declines Over 10% In One Week!

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Nearly 200 housing units were taken off the market in the greater Bend area between December 30th and January 2nd, resulting in a decline of more than 10% in the supply of residential properties for sale.
  
  Most of the properties were removed from the market due to the expiration of listing contracts.
  
  No doubt that many of these properties will be relisted, but any reduction in our inventory is a step towards a better market environment.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 15, 2007
• 13:01

  Lower Prices Leading To More Sales?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  At the risk of being overly optimistic, we may have reached a point where the lower prices in some segments of the market are encouraging more and more people to get off the fence and buy. Here's what I see in Bend:
  

  • 84 existing stick built houses on less than one acre sold in October for a median price of $308,000. The median size was 1885 square feet. Of the 67 sold a year earlier, the median price was $350,000 with 1846 square feet. Slightly more house now for 12% less.
    

  • Overall, 93 existing stick built houses sold in October. The median sale price was $314k with 1924sf. In October 2006, the comparable numbers were 84 sales, a median price of $384.5k and 1868sf. Again, a bit more house for about 18% less.
    

  New home builders are taking a different tack (for various reasons); much more house for about the same price. It's still been beneficial to buyers:

  • 26 new homes were reported sold in October. The median price was $378k, down less than 1.5% from a year earlier. But the 50 houses sold in October 2006 had a median size of 2212sf. This year, for slightly less money, buyers were able to get a house nearly 9.5% bigger (2422sf). That's an extra bedroom, office or bonus room.

  Note that the volume of new home sales is down by almost half from a year earlier. I'll be watching to see if builders will stick to this strategy or begin to reduce prices more to move some inventory.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 13, 2007
• 15:05

  Prices Continue Decline

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  The median sale price for residential properties in the greater Bend area fell to $330,000 in October, according to data from the MLS of Central Oregon. Existing homes saw the biggest drop in prices, with a reported median sale price of $313,000 in October, down 19% from a year earlier and 5% from September. New home prices were also lower, with the median sale price for October reported to be $378,000, compared to $391,300 in September. Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• November 10, 2007
• 15:25

  Existing Home Sales Stabilize

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of existing homes in the greater Bend area registered an increase in October from a year earlier. There were 92 reported sales of existing, "stick built" (non-manufactured) houses in October compared to 84 in October 2006. The sales number matched the number reported in September, possibly signaling that the downturn in sales of existing homes is leveling off.
  
  The rate of increase in sales was even greater for existing homes on less than one acre. The number of sales reported was up nearly 24% to 83 units, from 67 a year ago. October sales also improved slightly from 81 in September.
  
  New Home Sales Fall Considerably
  
  Not all sectors of the real estate market held their ground last month however. The slowdown in new home sales accelerated in October, with only 25 reported closed sales in the greater Bend area. This is a decrease of 50% from a year earlier and down from 30 units in September.
  
  Part of the big decline in new home sales could probably be attributed to the fact that many of sales reported last October were for purchase contracts agreed to in the Spring and Summer for houses not finished until the Fall.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 24, 2007
• 16:41

  Existing Home Sales Fall For 7th Straight Month

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Sales of previously owned homes in the U.S. fell for the seventh consecutive month in September, down 8% from August.
  
  The inventory of homes for sale nationwide rose to 10.5 months at September's sales rate. There was a 9.6 month supply at the end of August. (The number represents how many months it would take to sell all the homes currently for sale if sales activity remained constant and no more houses were listed for sale. An inventory of 5 to 6 months is usually considered a balanced market).
  
  In the greater Bend area, there is currently a 14.5 month supply of existing homes for sale using the sales rate for September (98 previously existing homes) and the number of homes for sale today (1418). Interestingly, the inventory of homes for sale is unchanged at 14.5 months when adding new homes to the equation.
  
  While these numbers surely don't indicate a robust housing market, they have caused the futures market to fully price in a quarter percentage point cut in the fed funds rate when the fed meets next week. This bodes well for even lower mortgage rates in the near future.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• October 04, 2007
• 17:26

  Bend Oregon Real Estate 3rd Quarter Results

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  Typically Busy Summer Selling Season Never Got Off The Ground
  
  From July 1 through the end of September, just 478 residential properties were reported sold to the MLS in the greater Bend area (Bend/Tumalo/Alfalfa). This includes houses, condos, townhouses and manufactured homes. By comparison, there were 624 reported sales during the same time period in 2006. This represents a decrease in sales activity of 23.4% from a year earlier. In the uber-market of 2005, there were a whopping 1049 units reported sold in this same three month span!
  
  Prices Continue To Feel The Pressure
  
  The median reported sale price for those residential properties that did sell this summer was down 8.1% from a year earlier, to $349,000.
  
  But let's keep this in perspective: The prices reached in 2006 were record setting for Bend, Central Oregon and most U.S. housing markets. The median sale price for the 3rd quarter of 2006 in the Bend area was 31% higher than it was just a year earlier! That's just not sustainable over the long haul. And despite the recent declines in both prices and sales activity, Q3 2007's median sale price is still 21% higher than that of Q3 2005 and more than double the median price of Q3 2001 ($169,900).
  
  
  
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• September 22, 2007
• 10:52

  What Fed Rate Cuts Mean To Homeowners and Buyers

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  With the federal reserve cutting the fed funds target rate from 5.25% to 4.75% and the discount rate from 5.75% to 5.25% earlier this week, many people assume that mortgage rates will now go down as well. But this isn't necessarily true.
  
  Banks can borrow from each other (federal funds) or directly from the federal reserve (at the discount rate) to help meet their reserve requirements. (Wikipedia provides a good basic explanation of reserve requirements and the role of the federal reserve: [en.wikipedia.org] )
  
  Most banks set their prime rates based on the fed funds rate target. And that is what we saw this week; major banks lowered their prime rates following the fed's cuts.
  
  Rates for home equity lines of credit (HELOCs) are often based on the prime rate. And therefore most homeowners with a HELOC will see their rate reduced by .5% (matching the percentage of the prime rate decrease).
  
  But mortgage rates (home loans) are based on investors' expectations of inflation. If investors feel inflation will go up in the future, today's mortgage rates will increase. Whether the investors are right or not doesn't matter; it's their expectations of future inflation that impact mortgage rates.
  
  And with the fed's rate cuts, many investors are betting the cheaper money environment will cause an increase in inflation. Because of this expectation, mortgage rates actually increased this week despite the fed's actions.
  
  So while the fed rate cuts may help alleviate the recent seizures in the credit markets, don't expect mortgage rates to automatically go down because of them.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 12, 2007
• 15:43

  Is Now A Good Time To Buy Bend Real Estate?

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  A lot of people have been asking me lately if now is the right time to buy real estate in Bend. So I've consulted the only infallible source I know of for answers to questions of this magnitude.
  
  Me: "Magic 8 Ball, is now a good time to buy Bend real estate?"
  
  Magic 8 Ball: "It depends."
  
  And as always, the Magic 8 Ball is correct!
  
  "It depends" is the right answer because whether now is the right time to buy real estate in Central Oregon depends on what your goal is.
  
  If your goal is to buy a yet-to-be built house from a builder in the hopes that you can "flip it" and make a nice profit when the house is complete in 9 months (a la 2004, 2005 and early 2006), then "don't count on it" as Magic 8 Ball would say.
  
  But if your goal is to buy a place you really like in a neighborhood you really like and you can get it today for a price that seems reasonable TO YOU and you qualify for a loan that won't strain your budget (the old rule of thumb is that about 33% of your gross monthly income should go towards your housing costs) and you plan on living in it for at least 5 years (more, if necessary), then Magic 8 Ball's answer would be "As I see it, yes."
  
  Some may argue that given today's market, the answer should be "no" regardless of a buyer's circumstances. And if buying at the lowest price is your biggest concern, then I'd tend to be somewhat in agreement. But buying a place to call home is about much more than price to most people - with the exception of engineers and accountants (sorry, I couldn't resist!). And besides, trying to time the bottom of any market is a fool's errand.
  
  Each property has its own unique"character" or "soul" that is hard to define but "you know it when you see it." And when a property "feels right" to you and your family and all of the above mentioned criteria fit your situation, regardless of what your well meaning friends and acquaintances might say, then "signs point to yes" - now is a good time to buy real estate in Bend, Oregon.
  
  I'll post again soon as to whether I think now is a good time to sell real estate in Bend. Make sure to subscribe to www.BendHousingNews.blogspot.com for the latest Bend Oregon real estate news.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 08, 2007
• 10:09

  August Sales Volume Up From July But Down From A Year Earlier

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  There were 183 residential properties in the greater Bend area (Bend, Tumalo and Alfalfa) reported sold to the MLS of Central Oregon for August.
  
  This is good news when compared to July's anemic 145 units sold, but it is still the lowest sales volume for the month of August since at least 2001.
  
  To help put things in perspective, there were 239 residential units reported sold in August 2006. Before last month, the lowest number of reported sales in August since 2001 was 221 in August 2002.
  
  There are currently 2324 residential properties listed for sale in the greater Bend area. At August's sales rate, this represents an absorption rate of 12.7 months. A market is generally considered balanced when 5 to 6 months of inventory is available. Needless to say then, we're still in the thick of a buyer's market.
  
  On the pricing side, the median reported sale price in August was $350,000. This is 7% below August 2006's median price of $377,495 but up 4% from July.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]
• September 02, 2007
• 14:17

  Large Share Of Area Houses For Sale Are Vacant, Investment Properties

   » ‎ Bend Oregon Real Estate News

  Tags:    [edit]

  I ran a search on the Multiple Listing Service of Central Oregon earlier today. What I found was pretty amazing.
  
  What made me think to run the search in the first place was a recent article in the Wall Street Journal discussing the number of investment property loans that are now in default.
  According to the WSJ article, 27% of all "home purchase" loans in 2005 in the U.S. were to people buying investment properties. In addition, 28% of all mortgage loans in default as of June 30 were for non-owner occupied properties. Coincidentally (?) these two numbers are nearly the same as the percentage of non-owner occupied, existing houses listed for sale today in the greater Bend area (Bend-Tumalo-Alfalfa).
  
  The results of my MLS search showed that 41% of the residential properties currently listed for sale in Bend are vacant. Of these, just under half (47%) are existing homes - not newly built construction.
  
  When coupled with currently rented homes also listed for sale, non-owner occupied existing houses account for close to 26% of all the residential properties listed for sale in the Bend area today. This number would be even higher if recently built new homes bought by speculators looking to flip them for a quick profit were included.
  
  So approximately 1 in 4 residential properties for sale in Bend today are owned by investors. That's not usually an indication of a vibrant real estate market.
  
  On the bright side: Buyers looking today have a lot of houses to choose from. Job markets, both regionally and nationally, are still historically strong. People still want to move to Central Oregon. It is easier now than ever before for people to keep their current jobs in higher paying areas, move to Bend and telecommute. Interest rates are still low, though the crazy easy money days of the recent past (which was a big part of the problem) are history. And median prices locally are still relatively low compared to most of the big cities in California.
  
  Let's hope that California and other more expensive markets start to see some pick up in sales activity soon. If they do, I think we'll be able to work off the excess inventories without too much pain and get back to a more healthy, sustainable market that's not too hot and not too cold, but just right.Subscribe to Bend Oregon Real Estate News: [feeds.feedburner.com]