Deb Tebbs Group

Cascade Sotheby's International Realty

Trading up at a discount in Central Oregon

With interest rates dropping to new lows at the end of the first week in October and 30-year fixed-rate conforming loans available with an interest rate of less than 4 percent; home sales would be at an all time high. Not the case; during the same week, mortgage applications dropped 4.3 percent.
When are homebuyers holding back? It could be that current economic news is anything but encouraging.
Some buyers who can afford to buy today and would like to take advantage of low interest rates are holding back due to fear. There is risk involved in buying a home in today’s market; prices could move lower before they improve. There is also risk if you want and need to buy and you postpone it.
When the foreclosure inventory that has overshadowed the home-sale market diminishes and the job market improves, the housing market will pick up. In areas with a shortage of inventory, home prices are likely to move upward.
Last year, home prices become stable briefly; then the market softened again. We did find however that the best homes in the most desirable locations and offered at the most competitive prices sold. This is the reason that Deb Tebbs has 8 pending sales for the month of December. The Central Oregon real estate market may be slow, but top real estate agents are still producing sales. Half of these pending properties are in desirable locations such as Tetherow and Broken Top golf communities.
In these uncertain times, should you buy a home? Before you can answer that question, you need to find out if you can afford to buy. If you can, now is the best time to buy real estate, pricings are at an all time low. Properties in the most desirable neighborhoods in Central Oregon that may have been out of reach at one point in time are now in your market.
For some buyers, it’s a good time to buy. Let’s say you’ve outgrown your current home and need a better school district. If you can sell or rent your small home and qualify to buy a bigger house in a better location that will last you for decades, you could buy at a discount. The key is making sure that you are working with a knowledgeable real estate agent who knows that market and understands your needs.

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