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Monthly Archives: April 2017

5 Rules For Buying A Bend Oregon Home

Bend Oregon Home

 

Planning on buying a Bend Oregon Home in 2017? If so, there’s no denying that today’s Real Estate market is more competitive than it was just five years ago and this means that home buyers have to be prepared before they start searching for homes and every home buyer can have the advantage by following these 5 rules for buying a home.

Rule No. 1: Prepare for a marathon house hunt

With today’s low housing inventory and strong buyer demand, it might take you three to six months to buy a house—and maybe even up to a year in some of the country’s tightest markets. Prepare accordingly.
You’re more likely to encounter a multiple-offer situation today than in years past, says Sanderfoot, vastly complicating many negotiations. So don’t presume you’ll be moving any time soon. If you do have a fast-approaching deadline for moving, you’d better get started on your home search. Like, now.

Rule No. 2: Secure financing before you start shopping

Gone are the days when you’d waltz into home showings without securing your financing first. If you need a mortgage to buy a home, you’ll want to get pre-approved for a home loan before you set foot in a home.

The reason: Without a lender’s pre-approval letter in hand, buyers will have a hard time getting sellers to take them seriously. Your offer, though sincere, could easily fall through for lack of funds. We told you it’s a competitive market, right?

To survey your mortgage options, meet with at least three lenders—which could be banks, credit unions, mortgage brokers, or any combination thereof (you can get recommendations from your real estate agent). You’ll want to get a good-faith estimate, which breaks down the mortgage’s terms, including the interest rate and fees, in order to make an apples-to-apples comparison for the best deal. Here’s more on how to shop for a mortgage.

Rule No. 3: Don’t lowball your offer

Bargain hunters, beware: If you’re making an offer on a home that’s priced to sell—meaning it’s listed at, or slightly above, fair market value—“you should present your best offer right out of the gate,” says Peggy Yee, supervising broker at Frankly Realtors in Vienna, VA.

In other words, you need to wrap your head around the idea that you’re more than likely going to be offering full list price. Although that can be tough for bargain hunters, “it’s the reality of many markets,” says Yee.

All that said, real estate markets vary by area, so look to your agent for advice on how much to offer. You can also check particular neighborhoods on realtor.com/local to get a base line for median home prices and more.

How long a house has been on the market can make a difference, too. If a home has been listed for more than 30 days, that might mean it’s overpriced—and that means you might have a little room to negotiate on price.

Rule No. 4: Curb the contingencies

When buyers make an offer, they can tack on contingencies—terms that must be satisfied before a deal goes through. For instance, you might require that the place pass a home inspection to ensure that it doesn’t need tons of repairs. If you’re getting a mortgage, your lender will require you to include an appraisal contingency where an appraiser makes sure the house is worth what you’re paying.

All in all, contingencies protect buyers, but sellers don’t always like them because they insert many “what ifs” into the deal, which might mean it falls through.

Since this is a seller’s market, buyers can stand out by attaching fewer contingencies to the deal. Not the biggies, of course, but ones that don’t really matter to you. For instance, you might want to consider letting go of a lead-based paint inspection since you can clean up this problem yourself. Or, many buyers may include a contingency that they have to sell their own home before the deal goes through; consider waiving that if you can.

Rule No. 5: Move fast

There’s no time to waste. In many cases, “a seller will list their house on a Friday, do a couple open houses over the weekend, and then review all offers on Monday,” says Yee. That could mean you have just a few days during which to view the property, confer with your agent, and submit an offer.

Given the time crunch, Lejeune says he asks buyers a simple question during his initial consultation. “I’ll ask, ‘If I show you the perfect house today, at a price that you can afford, are you ready to make a full-price offer right now?’ That question gives me a good barometer of how ready you are to buy a home.”

So if you’re serious about buying a house, you need to be ready to pounce.

Selling a house as well? The rules have changed there, too. Come back tomorrow for more advice on acing this end of the deal.

Search For Homes In Bend Oregon

To get started with searching for homes in Bend Oregon contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online. 

 

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Bend Home Prices Are Back To Pre-Recession Levels

bend oregon home prices

 

BEND, Ore. – There’s no denying that the recent housing market collapse was difficult for everyone, especially homeowners in Bend Oregon but thankfully home prices here are now back to pre-recession levels, making now the absolute perfect time for any homeowner to sell thanks to the huge demand for homes in Bend from pre-approved home buyers.

Short Supply and High Demand Has Driven Prices

Home prices in Bend are now on par, at least in nominal terms, with the previous peak in 2007.

The median home price reached $396,000 in March, according to the Beacon Report, produced by Donnie Montagner of Beacon Appraisal Group in Redmond. The Beacon Report looks at single-family homes on 1-acre or smaller lots and includes Tumalo and Alfalfa in the Bend market. The median price of $396,000 hadn’t been posted since May 2007, before the collapse of a speculative bubble and the Great Recession eroded values by 58 percent.

The median price trough of $166,000 came in November 2011.

Economists and real estate professionals point out the current market conditions are nothing like a decade ago, but reaching that high-water mark nevertheless begs the question: Where does Bend real estate go from here?

“I don’t have any reason to believe the previous peak represents a barrier, that there’s something magical about hitting that previous peak that prevents it from going further,” University of Oregon economics professor Tim Duy said. Duy is also the author of the Central Oregon Business Index.

The recent median price doesn’t account for 10 years of inflation, Duy said. The real, or inflation-adjusted, home price index for the Bend-Redmond area is still about 18 percent below its previous peak, which came in fourth quarter 2006, he said. The home-price index tracks same-property sales over time, so it’s more accurate than Realtor-generated data, he said.

“What is most likely to derail the housing market is when we get a recession,” Duy said. “That is most likely to stifle or slow the in-migration of new residents.”

The current market is driven by short supply, as builders have yet to catch up with Oregon’s population growth, plus strong demand from buyers who are either earning enough money to afford a house, or have sold one in a more expensive market, said Josh Lehner, economist for the Oregon Office of Economic Analysis.

The upward trend in prices won’t change until supply increases or demand slacks off, economists said. The pace of construction in both houses and apartments is picking up, which makes the outlook “somewhat bright,” Lehner said. – Click here to read more!

Search For Homes In Bend

To get started with searching for homes in Bend Oregon contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online.

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250-home subdivision planned in southeast Bend

Bend Oregon Real Estate

With the spring home buying season in full swing many home buyers in Bend Oregon and Deschutes County are faced with the tough realty that lack of home inventory means fewer options for them to choose from thankfully, the lack of home inventory could change in the near future if a proposal to build a 250-home subdivision is approved for southeast Bend.

The Right Time For More Development

The J L Ward Co., a Bend development firm behind a number of large subdivisions, plans to build a new neighborhood near 15th Street, according to city documents. The company has put together a master plan, which is a detailed, long-term plan that shows exactly what will be built and how it will affect surrounding neighborhoods, sewers and roads.

During Wednesday’s city council meeting, Bend residents will have a chance to weigh in on the proposed development. The city council will also have the option to make initial approval on the plan, which kick-starts the development process, according to city documents.

“We do recognize there’s a need for housing especially in this part of town,” said Dean Wise, project manager for the J L Ward Co. “And we’re doing our best to meet that need.”

The plan calls for up to 250 residential lots, one commercial lot as well as neighborhood parks and trail networks on 48 acres off of Country Club Road. Wise said the development will most likely be built in phases — about 30 to 35 homes at a time.

But before that can happen, the J L Ward Co. will have to build sewers, waterlines and roads to service the new homes. The company will prioritize which phases to build first depending on where it would be the easiest and cheapest to build infrastructure, said Wise.

Although Wise and his team are itching to start moving dirt, it could take several years to build out the entire 250 homes, said Wise.

“We’re kind of in a holding pattern until we have an absolute from the city,” said Wise.

After the plan is approved by councilors, the J L Ward Co. will have to submit building plans, a process that could take months, said Colin Stephens, a Bend city planner.

The J L Ward Co.’s plan to build a new neighborhood comes as the state recently approved the city’s plan to expand by 2,380 acres, which means developers can eventually build houses and businesses on currently rural properties. The J L Ward Co. is one of only several developers who plan to build new neighborhoods and business centers in the near future.

Search For Homes In Bend

To get started with searching for homes in Bend contact us today by calling (541) 323-4823 or click here to connect with us online.

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