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Cascade Sotheby's International Realty

Bend Oregon Real Estate Market – What To Expect For 2017

 

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By The Deb Tebbs Group

BEND, Ore. – Planning on buying or selling a home in the Bend Oregon Real Estate Market during 2017? If so, you’ve come to the right place! In this article we will share with you several things you can expect from the local Real Estate market this year that will affect you if you’ve been thinking of buying or selling a home.

Rapid Growth Predicted For The 2017 Bend Oregon Real Estate Market

Over the last year we’ve seen rapid growth in the Bend Oregon Real Estate Market because more people continues to move to Bend from other cities in Oregon and the United States. When you factor in the new arrivals combined with a shortage of homes in Bend, home prices have continued increasing especially in the lower end of the real estate market where properties that are priced at $200,000 or below will get purchased very quickly.

Due to the rapid growth of the Bend Oregon Real Estate Market, many towns in the surrounding Deschutes County area have seen their home prices experience rapid growth as well, especially Redmond, Prineville, Sisters and La Pine where prices increased by 15 percent or more between 2015 and 2016.

Still Affordable When Compared To Seattle And San Francisco

The median home price in Bend reached $385,000 in September 2016, homes here are still affordable when compared to other cities, especially Seattle and San Francisco where the median home prices in those cities are $612,400 and $1,132,300.

Although some economists feel that we could see a slowdown in the Bend Oregon Real Estate market in 2017 due to higher mortgage interest rates, those rate increases could be offset by fast wage growth this year.

While a number of nonresidential projects have broken ground in Bend, Fratzke said most of them are government buildings or hotels. The only large-scale office building going up in Bend is Crane Shed Commons, a 50,000-square-foot building containing a mix of flexible office and creative space. The building, on SW Industrial Way, is slated to be completed in 2017. Howard Friedman, partner and principal broker at Compass Commercial, said the majority of space in the building is already under lease, and added that the building is leasing at around $2.25 per foot. – Source 

Hire A Bend Oregon Realtor®

To get started with buying or selling a home in the Bend Oregon Real Estate Market contact the Deb Tebbs Group by calling us at (541) 323-4823 or click here to connect with us online.

 

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5 Tips for First Time Bend Oregon Home Buyers

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Are you planning on buying a Bend Oregon Home for the first time? If so, you’ve come to the right place! In this article, we will share with you 5 tips for first time home buyers.

Tip #1 – Review Your Credit Score

If you plan on applying for a mortgage loan like most home buyers, you should review your credit score first because your score could affect the amount of money that you’re approved to borrow.

To do this, all you need is a copy of your 3-in-1 credit report since this will enable you to see what the three major credit bureaus are reporting about you and if you spot any negative items you will have plenty of time to fix them before contacting a mortgage lender.

Tip #2 – Get Pre-Approved for A Mortgage

After confirming your credit score, you should visit a mortgage lender in Bend and get pre-approved for a mortgage loan because it doesn’t make sense to start house hunting without knowing your budget or the amount of money that you’ve been pre-approved to borrow.

Tip #3 – Be Realistic About What You Will Get for Your Budget

As a first-time home buyer in Bend, another important thing you should do is be realistic about what you can get for your budget because many first-time home buyers will start out with high expectations and not be open to considering the homes in their price ranges because they don’t have the features or amenities that they are searching for.

Tip #4 – Understand the Real Estate Market

Another helpful thing that you can do as a first-time home buyer is to understand the Bend Oregon Real Estate Market before you start your home search, including home prices and market activity because this will create a sense of urgency and get you ready to take actions and submit an offer once you find the right home for sale.

Tip #5 – Understand That Home Buying Is a Process

Once you find the perfect home it’s also important to understand that buying a Bend Oregon home is a process and it can literally take between 60 and 90 days from contract to closing so you should be patient, do your part, and be ready to go through the process of buying a home.

Search for A Bend Oregon Home

To get started with searching for a Bend Oregon Home 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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5 Mistakes You Can’t Afford to Make When Buying in the Winter

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Have you been thinking about buying a home in Bend during the winter? If so, you’re not alone. Buying a home during the winter is a great idea because you will face less competition from other home buyers but you should still make sure that you don’t make these 5 mistakes that are easy to make during the winter.

1. Landing yourself in holiday debt

Your kiddos are clamoring for a few Hatchimals, your wonderful husband deserves the Google Pixel, and Mom and Dad desperately need a new set of artisanal kitchen knives. But don’t rack up new debt buying everyone gifts.

Budget for your generous splurges ahead of time. Or you know what? Tell your family they’re getting the best gift of all: a new home.

2. Failing to use your imagination

Yes, the property looks a bit … drab. But don’t all homes seem sad in winter, especially if they’re not charmingly covered in snow? Don’t dismiss a property because of bare tree limbs and dead grass. Imagine what the home could be in all its springtime glory.

Pretend the trees are blooming and the rose bushes are covered in color. That’s the mental picture you should use to make your decision.

3. Ignoring possible closing date delays

Don’t assume everything will go as planned. This will go wrong, trust us. Does the plumbing need updating? Is the wiring a little funky? These delay-causing problems are always annoying, but in winter they can create a full-on migraine. This goes double for custom or new-build homes.

“While many trades will work through the winter, there are certain processes that cannot be completed during heavy snowfall or dramatically low temperatures,” says Luke Sahlani, the lead project manager and director of Sensus Design & Build. “This can be frustrating and particularly problematic if the home buyers’ closing date on their current home is coming up quickly.”

Build in some buffer time for your new home’s closing—or just a little snow might crash your move-in day hopes.

4. Lacking flexibility

House hunting always requires a certain level of spontaneity—you have to be ready to pounce as soon as you hear a place fitting all your criteria is on the market. But when the weather’s against you, make sure to loosen your schedule even more.

Flexibility “is even more critical during the winter season,” Brison says. “Weather can cause unexpected delays, and buyers need to be willing to plan viewings during the busy holidays.”

Yes, you’re excited for cousin Humbert’s one-of-a-kind pumpkin pie, but if 2 p.m. the day after Christmas is the only time you can check out your dream abode, you might have to skip a second serving.

5. Assuming you’ll automatically score a sweet deal

In the winter (generally speaking), home prices are lower. Sellers are motivated. The competition’s bundled up inside, warming their hands by the fire. Bidding wars are a vestige of the summer months. Now’s a great time to buy, right?

Unfortunately, the math doesn’t necessarily work in your favor.

“A lot of buyers assume they can get a better deal in winter because [fewer] people are competing,” Brison says. “That’s not usually the case. Inventory is lower, so the number of people who are competing is similar.”

No, prices may not rocket to the sky-high levels seen when the weather is warm. But if you expect to score a bargain-basement home deal, you might be disappointed.

Search For Homes In Bend

To get started with searching for homes in Bend 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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