Record for median sales price in June; $400K mark exceeded

Back-to-back months of declines in the median sales price of homes in Bend, Oregon, ended in June: The median price was $409,000 – a record for the 10-plus years for which the Skjersaa Group has data and the first time in that period that the median price has reached $400,000.

June 2017 figures share some characteristics from the same month in previous years, and the most important one might be that only once in the preceding 10 years was June the high-water mark for the median sales price in a calendar year.

June had the highest number of active homes (442) and the highest number of sold homes (246) this calendar year to date, as was the case with June each of the previous three years. In all three of those years, the June sales price exceeded what was then the year-to-date median price for the respective calendar year, but later months those years exceeded June’s median price.

Translation: Based on data from the last three years, June’s record-breaking sales prices could very well be eclipsed this calendar year.

It’s worth remembering that the median sales price is not an average sales price. The median is the amount at which half of the homes sold in a given month went for less than the median, and half went for more than the median.

Using the median figure rather than the average prevents the figures in question from being skewed by a handful of high-end homes.

(Which didn’t happen, anyway. Ten homes priced for $825,100 or more were sold in June, one fewer than in each of April and May.)

The inventory of homes on the market increased in June to 3.3 months. That’s the highest for a June since 2014, when it was 4.2 months. But, similar to a phenomenon we pointed out last month, the inventory for Bend as a whole is weighted by the most expensive tier of homes.

Inventory for homes in the range of $825,100 and $925,000 was 3.2 months, and for homes priced at $925,100 and up, it was 15.2 months. For homes priced up to $825,000 – which made up 79 percent of the active listings in June – the inventory was three months and less.

June’s median sales price was 10.5 percent higher than in June 2016. That marked the third year in a row that the year-over-year increase in June exceeded 10 percent. June’s $409,000 median price was 7.9 percent over the previous month’s – and that’s the highest month-over-month increase for a June since 2011, when the region was clawing its way out of the housing decline.

Another record was set in June, and that was for lowest average days on market: 91 days. It was the first time the average was less than 100 days since July 2016 (when it was 97 days) and only the third time since at least January 2007 (the extent of our data set) it has been less than 100 days.

It seems clear the real estate market in Bend has hit full stride. It’s an exciting time to be in the market – as a buyer or a seller. Whatever your position, I can assist in bringing about a solution that leaves you satisfied and in a great position.  To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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Median price drops in February amid overall mixed data

UntitledLooking solely at February’s median sales price of a home in Bend, Oregon, one might be struck by the decline from the previous month. But other data from the real estate market indicate the demand for homes remains strong.

February’s median sales price was $354,853. That’s 4.3 percent lower than January 2017’s figure of $370,813. Compared with February 2016, however, median prices showed a 7.0 percent increase.

This was the sixth consecutive February in which there was a year-over-year increase in the median sales price. Last month’s 7.0 percent year-over-year rise was the second-lowest over this six-year span, not much more than the 6.8 percent increase from February 2014 to February 2015. In the other four years, the February year-over-year increase in the median sales price was more than 14 percent, and — looking at just one month earlier — the year-over-year increase from January 2016 to January 2017 was 16.8 percent.

Does February’s median sales price mean that the appetite for homes is grinding down? In considering this question, it’s worth looking at other information from last month.

The inventory of homes for sale decreased from 3.1 months in January to 2.7 months in February. In 2016, the February inventory of 4.9 months was a calendar-year high.

The average days on the market in February also reflected a more active than usual February market. In January, the average days on market was 141 days, and in February it fell to 136, within two days of the shortest time in any February in the 10 years for which the Skjersaa Group has data.

One hundred twenty-eight homes were sold in February. On a per-day basis, that’s a higher rate than the 130 sold in January. Comparing to February in previous years, the 128 is the second-most sold in the last 10 years, behind the 131 in 2014.

But there’s also this: Fifty-seven houses on the market in Bend reflected a reduced price. As a percentage of active listings (324 homes), that is 17.6 percent. Looking, again, to February in previous calendar years, that was the most since a 19.9 percent reduced rate in February 2011. In February 2012, the rate was 17.5 percent, essentially the same as in February of this year.

The percentage of homes priced at $625,100 or more continues to be the largest segment of homes on the market. Of the 324 active listings in February, 35 percent (114 homes) were in this price range after 36 percent of active listings were of this price in January. As the calendar turned to March, there were 326 active listings, and the percentage of homes priced $625,100 or more was higher: 38 percent.

Whatever the market is doing, you will benefit from having an experienced Realtor working for your best interests. I know the Bend market and will help you realize a worry-free outcome — whether you’re considering selling your home or you’re a buyer. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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Selling a home during the holidays has its advantages

We all have a lot on our plates this time of year. That reality can make the prospect of trying to sell a home appear daunting.

Who would put their home on the market now, just after Thanksgiving and a little before Christmas? Well, as counterintuitive as it might seem, selling a home during the holiday season can have its advantages.

You can be confident that anyone wanting to look at your home during the holidays is a motivated buyer. That reduces your workload. That should mean fewer instances you have to instantaneously make your home look so spotless it’s as if no one lives in it and then vanish for an hour or so. Prospective buyers could be facing a hard deadline, meaning they will want to complete a deal in good order. Tradespeople and professionals involved in the deal (home inspectors, appraisers, licensed repairmen) might be less busy and more able to take care of what’s needed to get the deal done.

Generally speaking, a home entering the market at this time of year has less competition for a prospective buyer’s attention but has a relatively greater chance of being sold. For each of the last seven calendar years in the Bend market (2009 through 2015), the two months with the fewest new listings have been November and December. But for sales as a percentage of active listings, December was the fourth-best month last year, the third-best month in 2014 and the second-best month in 2012.

Where we live, the holidays might not be the “down” time of year that it can be elsewhere. Every region of the country has its own pace and traditions, and every area has its times of year when trying to capture the attention of people — such as home buyers — is a challenge. In some places, a Saturday or a Sunday in the fall could be a poor time to try to sell a house if the locals are fervent football fans.

Remember, too, that buyers are doing their research on their own, on their own time, via online searches, rather than driving around neighborhoods. The Internet knows no seasons. If your house is appealing to a prospective buyer, that will be evident regardless of the time of year, the weather or road conditions.

Whatever time of year it is, I can help you get the best deal when it comes time to sell your home. Or, if you’re a prospective buyer, my knowledge of the Bend market will help assure you get an optimal deal. To get started with listing your Bend home or to view area homes, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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New Vs. Used Bend Oregon Home – Which Option Is Better?

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So you’re beginning to search for Bend Oregon Home for Sale but can’t decide if you should buy a new or resale Home. No problem!

In this article we will break down new vs. used homes and help you decide which home is right for you.

Why Buy A New Home?

Let’s face it, one of the first reasons why you should consider buying one of the many new Bend Oregon Homes for sale is that a new home hasn’t been lived in by anyone else.

With a new home you literally have an opportunity to leave your “stamp” on the home without buying a home which needs repairs, renovations or has “excess baggage” from the previous owners.

Besides not having to deal with the poor choices or decisions of the previous owner, you also can have confidence that everything in the new home in Bend Oregon is brand new.

You won’t have to concern yourself with making any major repairs or renovations to the home since it will covered under the builders warranty or your homeowners insurance.

Although there are many positive points about buying a new home in Bend there are some takeaways to consider including the following:

  • Many new homes are in neighborhoods which are under construction so you won’t really know who your neighbors are.
  • New homes are finished when you move in so you really won’t want to do any remodeling work.
  • When you buy a new Bend Oregon home you won’t have much room for negotiation, or have the ability to submit a lower, offer since there won’t be much work needed after you move into your home.

Why Buy A Resale Bend Oregon Home?

If you’re searching for a Bend Oregon Home For Sale and are serious about buying a home that you can renovate and leave your own “stamp” on then maybe a resale home is for you especially for these reasons:

  • Resale homes are in established neighborhoods so you will know who your neighbors are.
  • Used homes will many times have more unique features and character than newer homes.
  • Buying a resale home means you will be able to do some renovation to create the home you will really love.

Before Buying Bend Real Estate Do This

  1. Pay down your credit cards and old debts so you can lower your debt-to-income ratio.
  2. Review your credit reports and credit score to make sure that the 3 credit bureaus (Equifax, Transunion and Experian) are reporting accurate information about you.
  3. Save at least 20 percent for a down payment on a home. This step is important because, it will also lower your debt-to-income ratio as well.
  4. Know what you’re searching for in Bend Real Estate (Example: bedrooms, bathrooms and square footage).

Search for Bend Oregon Homes for Sale

To learn more about homes for sale in Bend and Central Oregon contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by CLICKING HERE to email me.

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Bend Oregon Real Estate – Your Start to Wealth Building

Real Estate Wealth Building

Bend Oregon Real Estate

 

By Jason Boone

 

At one point many people decide to invest in Bend Oregon Real Estate since they need to buy homes for their families but what they don’t realize is the important fact that home ownership is also the start to wealth building.

 

What a Mortgage Really Does For You

 

Did you know that a mortgage actually functions as a “forced” savings plan where your deposits will continue growing over time?

 

This is especially true the longer you own a home since you will build equity in your home over time.

 

Down the road you will be able to use that equity in your home to invest in more Bend Oregon Real Estate or other wealth building products which will benefit your retirement.

 

Better Appreciation than Other Investments

 

The longer you own a home in Bend, the more you will benefit from appreciation over time.

 

A recent study done by Harvard showed that home owners who owned their own homes between 1975 and 2012 realized an adjusted gain of at least 30% over the span of 30 years.

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Protection From inflation

 

What’s also great about owning a home is you will also enjoy further protection against inflation by locking in your payment during the period of time you own your own home.

 

The longer you own your own home, the better, since with inflation your “real payment” will decline as inflation causes rents for Bend Oregon Real Estate to increase in the years to come.

 

Many Tax Benefits with Bend Oregon Real Estate 

 

Last of all, but most important, owning a home does come with the advantage of tax benefits.

 

For example: If you buy Bend Oregon Real Estate you may be able to take advantage of the well-known mortgage interest rate deduction which will enable you to deduct your annual interest which you’ve paid into your property every year and property taxes up to $500,000.


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To learn more about the benefits of home ownership or to view homes for sale across Bend Oregon contact me, Jason Boone, Principal Broker with Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.

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Realtor.com Confirms That Home Listings Rose In February

Mountain House

The January 2014 Bend Oregon Real Estate market was “cooler” than usual but thankfully it picked up in February, following the same pattern as the rest of the country.

Thanks to a recent report from Realtor.com we know that inventories of homes for sale across the United States actually rose by 10% in February 2014, compared to the same time last year, and with 1.7444 million units for sale across the United States, more sellers are feeling optimistic that it’s the right time to list their home for sale.

Median Home Price Nationwide

Across the United States the median list price for a home is $199,000 and that’s 7.6% higher than the same time last year.

Right now the median age of inventory is 114 days and that statistic also increased by 6.5% as well.

In a recent interview Steve Berkowitz CEO of Move, Inc. said this about the state of the housing market across the United States: “Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we’ve been watching since late last summer”.

The Right Time to Sell

Not only are homes coming onto the Bend Oregon Real Estate market sooner this year compared to years past, more sellers are also increasing the asking prices for their homes as well so when both factors are evaluated the market is looking ripe for any seller who has been looking for the perfect conditions to sell their homes.

To learn more about the latest Bend Oregon Real Estate market news, or to view homes for sale in Bend and across Central Oregon, contact me today by calling (541) 383-1426.

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Jason Boone | Principal Broker, CRIS | Duke Warner Realty | Skjersaa Group
Oregon Real Estate Licensee | 1033 NW Newport Ave Bend, Oregon