Pending Bend Home Sales Significantly Down in 2022 When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates.  It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history.  The high mortgage rates changed the buying power of potential Bend homebuyers, and the... 01/08/2023

Bend Oregon Real Estate Market in TransitionAsk any Bend Premier Real Estate broker about the local housing market and they will tell you that it is changing. After the initial few weeks of the Covid-19 pandemic, real estate sales across the nation accelerated beyond any seen before. Lack of inventory coupled with low interest rates led to multiple-offers, tremendous buyer demand and rising home prices; between March of 2020 and March of 2022, the average price of a Bend single family home on less than an acre increased 67%. This rate of increase was not sustainable. When mortgage interest rates started rising, this increase coupled with high inflation changed the dynamic of the Bend real estate market. Our market is currently in transition with sales significantly lower than experience... 12/07/2022

Peter Skene Ogden Trail is a Great Fall HikeWe have hiked the Peter Skene Ogden trail many times, but we never tire of doing this when the weather turns cold.  Paulina Creek freezes and the multiple waterfalls along the trail turn into beautiful works of art with ice sculpted into interesting shapes. The sounds of the running water are also muffled when the ice gets deeper and the quiet and isolation of the hike will amaze. On November 26, 2022 we hiked Peter Skene Ogden trail from McKay Crossing campground up Paulina Creek planning on going as far as the early snow permitted.  We we pleased to find we could trek the entire way to Paulina Falls using our micro spikes as the trail was icy; the deepest snow was roughly a foot in a shadowed gully roughly 2/3 of the way to Paulina Falls. Du... 12/02/2022

High Interest Rates Impacting the Buying Power of Bend Oregon HomebuyersAlthough the 30 year interest rate has moderated a bit from its high of 7.08% hit November 10, 2022, the rapid increase in mortgage interest rates we have seen since the beginning of 2022 has greatly impacted our buyer's purchasing power. Many buyers are regretting that they didn't buy several months ago before rates rose to the levels they are now. But is it really cheaper to buy a Bend home today than it was six months ago? Let's look at the true difference between these two markets and see what the numbers actually say. In April, we were still living under high demand for Bend Oregon homes and a $500,000 property hitting the market would often generate multiple offers, pushing the price up; a final price of $550,... 11/21/2022

There are Many Questions With Bend Home SalesAs we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted: Average sales price up 6.4% to $823,360* Median sales price up 4.4% to $680,000 Average list price up 17.6% to $934,365 Median list price up 4.7% to $725,000 New listings down 23.2% to 129 Homes for sale up 34.5% to 335 Pending sales down 40.... 11/07/2022

Bend Oregon Real Estate | September 2022 TrendsAsk any real estate agent across the country about the current state of the market, they will tell you things have changed dramatically since earlier in the year.  Ask a Bend Premier Real Estate Broker about the local market, they will tell you that it is as if the brakes have been hit stopping a jet plane. The fed's increase in interest rates is being done to curtail inflation.  When it comes to the housing industry, this tightening is working. Bend home sales are falling, days on market are rising, yet home prices are still up. Mortgage interest rates are now approaching 7% for a 30 year fixed, a figure which hasn't been seen since 2002. Each percentage increase in interest rates reduces homebuyer's buying power by 10-12%. As the number o... 10/10/2022

The Number of Bend Homes for Sale is DownWe have been tracking Bend single family home sales for many years, looking at the trends, how home prices rise or fall, what the changes are in price per square foot, median and average sales price, months of inventory and days on market.  We have consistently compared one month to the same month the year previously in order to follow  the long term changes instead of potential anomalies that can occur over a short time period. We have watched and recorded that happened to the Bend home market when the market crashed with the housing recession. And we have watched and recorded the latest changes that happened when the Covid-19 pandemic and subsequent stay-at-home orders made Americans realize that home meant a whole lot more than it had in the p... 09/09/2022

The hardest tickets to get in Bend are not to the great acts at the Hayden Homes Amphitheater,  but rather the trail pass required to hike the Green Lakes trail. These tickets literally sell out in 60 seconds once posted on the Forest Service website. The trail largely runs alongside Fall Creek, which you will cross three times. And there is simply no shortage of beautiful waterfalls, wildlife, wildflowers, and amazing views along the way. This trail is considered moderate due to it’s length of 9.1 miles round trip and 1200 feet elevation gain, but it is pretty gradual almost the entire way and a very enjoyable adventure.  For the adventurous, taking the path past the last lake deeper into the Three Sisters Wilderness will result in views few experience, including the Northeastern flank... 08/09/2022

Bend Oregon Real Estate Sales Trends in Transition.As we have been writing for several months now, the Bend Oregon real estate market is definitely changing. Mortgage interest rates have risen impacting the buying power of would-be homeowners, especially first time home buyers. The buying frenzy experienced in 2021 is gone and the inventory levels of available homes are growing. The days on market of active listings are rising, but so are home prices when compared with the year before. However, the trend lines over the past few months are showing a softening in the market with over 254 price reductions in the past week for all Central Oregon listings. When the market softens, those properties priced well as perceived by buyers are those that sell first.  While the market is changing, ho... 08/08/2022

The Market is Changing for Bend Real Estate Sales For many Brokers, the past two years of real estate sales in the Central Oregon area have felt like warp speed.  The buyer frenzy in attempting to find a home that worked, writing as strong an offer as possible only to find out that the offer was one of many and the seller choose another, and then starting over again at another home to have that offer rejected as well.  Some of our brokers wrote as many as 10 offers for the same buyer before something was finally accepted or the buyer became so discouraged they stopped searching. From the seller side, putting a home on the market and then having 10 offers over the weekend which bid the price up to figures never seen before, sorting through them and finding the best offer that worked for... 07/06/2022

For those who don't know, Bend Oregon was incorporated in 1904 as a logging town.  Located at the Bend of the Deschutes River in Central Oregon, it's main employer for many years was the Brooks - Scanlon Lumber Company which had its mill on the river. Workers at the mill built small homes in the nearby neighborhoods, taking left over lumber home with them and building their homes piecemeal. Many of these homes (called the mill cottages) remain today and if remodeled, can command a very expensive price due to their proximity to downtown Bend. In the 1990's, the federal government shut down logging on federal land in Oregon. Most of the forests in Oregon are federally owned and managed by the forest service.  Many will attribute the expansive wildfires we have had over the past few years ... 06/17/2022

Bend Home Prices Up, But at Slower Rate Ask any Bend Premier Real Estate broker what the Bend home market is like late spring 2022 and they will tell you it "feels different" than it has been over the past two years.  The frenzied buying scenarios and multiple offers that were experienced on many listings in 2021 are fewer, days on market on many properties are up, and price reductions on homes that are not in contract within a few days are becoming more regular. While well priced homes in desirable locations are still receiving strong offers, and while bidding wars are occurring, we are not having the numbers of offers in these wars that we had in 2021. As interest rates grow, the buying power of potential homeowners shrinks. Cash offers are still prevalent and often will win over fin... 06/06/2022

How to Rock a Family Opportunity Loan   Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own? Looking to assist a disabled or special needs adult child with housing or his/her own? Or how about putting a college-bound child into off-campus housing that you decide to purchase? All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry.  Until now... The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or vacation homes and investment/rental homes.  And if used in the right situation, the Family Opportunity loan will often permit you to obtain lower rate... 05/05/2022

Are Bend Home Sales at a Crossroads?We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.When April 2022 Bend single family home sales on less than an acre are compared with those fro... 05/04/2022

Bend Real Estate Sales Up Despite Rising Interest RatesMortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows: Average sales price up 12.7% to $867,475* Median sales price up 31.... 04/09/2022

Bend OR Luxury Real Estate Sales Breaking RecordsIt is hard to believe, but ten years ago million dollar sales in Bend were rare and uncommon. Out of 1679 sales during the preceding 12 months that included February, 2012, only 9 were for more than one million dollars for Bend single family homes on less than an acre. This figure was .5% of total salesThe Bend real estate market has really changed! Out of the 2490 homes that sold during the preceding 12 months that included February, 2022, 433 closed for over $1,000,000, roughly 17% of total sales.  And while many of these sales would be considered "luxury homes," some are properties that just a few years ago were normal middle-class homes; due to extreme demand with little inventory these properties have seen their value increase into t... 03/15/2022

How High Can Bend Oregon Home Prices Go?It seems that every month we are breaking records with Bend single family home sales. Since coming out of the great recession, Bend has experienced high demand for available housing leading to an increase in home prices. But since the Covid-19 pandemic and the resulting "stay at home orders" and recognition that working from home can be a viable option for many Americans, the increase in the number of people wanting to move to Bend has risen beyond that ever seen before. The lack of property for sale has resulted in tremendous price increases, with the median price of a Bend single family home on less than an acre up 67% above what it was in February 2020 when the pandemic began. While builders have tried to keep up with the demand, the price incr... 03/09/2022

Inventory Levels the Biggest Challenge for Bend Home SalesJanuary 2022 began the New Year with the same Bend housing market trends we experienced in 2021 - little inventory with a lot of demand. Bend Premier Real Estate Brokers are working with many buyers who are often discouraged when the available homes are sold before they can offer or end up in bidding wars. But with persistence, many of these buyers do successfully close on their Bend home and enjoy the many benefits of homeownership. Now may be among the very best times to be a Bend home seller. Prices are up, pending sales are up, inventory levels are down, and buyers are paying top dollar for Bend single family homes. Prices reached an all time high in 2021, but they are starting even higher in 2022. We expect Bend homes to con... 02/09/2022

Lack of Inventory the Most Pressing Issue for Bend Oregon Real Estate 2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed. When 2021 is compared with 2022, the sale of Bend single family homes on less than an acre show the following trends: Average sale price up 26.6% to $774,860* Median sales price up 27.7% to $645,000 New listings up 2.4% to ... 01/11/2022

One of Central Oregon's more popular summer hikes in the Three Sisters Wilderness, we decided to hike Tam McArthur Rim 11-27-21 a few days after the first snow of autumn had fallen.  Three Creeks Lake had icy sections and only one other couple started the hike just a few minutes before us. We began our hike utilizing microspikes as the trail was icy and the added gripping security microspikes offer enabled us to quickly climb the initial miles of the hike. The snow deepened as we climbed and the trail became less obvious.  However, we were able to follow the tracks of the couple who started the hike just before us, trusting that they knew where they were going.  The hike to Tam McArthur Rim levels out near the summit into an open meadow.  On this hike the end of November, we found the w... 12/14/2021