There are many reasons we choose to live in Bend. One of them is the fishing. There are all kinds of fishing opportunities here. The Bull Trout in Lake Billy Chinook are legendary. The rainbow trout from Crane Prairie Reservoir are legendary and the Brown Trout from East and Paulina like are record breakers.
There is also the Salmon Fly hatch on the lower Deschutes River which draws fly fishermen from all over the world. The Metolious River also provides year round fly fishing.
Those of us who live here are lucky but there are plenty of homes to choose from right now for those that want to move here for the fishing. Bend Oregon real estate is now a buyer’s market. It’s a great time to buy and a good time to go fishing.
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There are more homes on the market in Bend right now than there have been in a long time. Prices on these homes are down and financing is great. Buyers in Bend today can take their time in choosing a home that fits their needs and is exactly what they are looking for.
Three years ago a buyer had to jump on the first home that was close to what they wanted because if they didn’t someone else would come in and buy it out from under them. That’s not to say that still doesn’t happen.
Last winter I was negotiating on a home on Awbrey Butte on behalf of a buyer client when another agent on behalf of another buyer came in and paid full price. My client missed a home they really wanted. It was priced well below other homes on the market and was well priced.
There are more homes coming on the market right now and there is a great choice. My partner just sold a home that had been on the market less than two weeks. Homes that are priced right still fairly quickly!
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Effective March 6, 2008 the Federal Housing Administration increased the maximum loan limit on Bend and Deschutes county homes to a maximum of $447,500. In January 2009, FHA’s maximum loam limit with return to $362,790 unless congress approves legislation to permanently increase loan limits.
These increased limits along with zero down FHA program for 1st time buyers will help our market move forward. Prices are down, interest rates are good and there’s a good choice of home to choose from. Now is a good time to buy.
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The Bend Oregon real estate market continues to deteriorate as more and more home owners find themselves in a zero or negative equity position on their homes. Most of these owners bought their homes two years or so ago near the peak of the real estate market. They put nothing down and probably had an inflated appraisal on the value of the property.
Others took out home equity lines of credit on their homes and borrowed the maximum. Spending what equity they had. Now that the value of Bend area homes has started to fall many people have no where to turn. They owe more than their property is worth.
That’s where a “short sale” comes in. Some lending institutions are allowing current owners to sell their property for less than they owe. This is a pre-foreclosure tactic used by the banks to avoid the costly procedure of foreclosing and then having to manage and sell vacant homes in Bend.
Some good values can be had by purchasing a “short sale” but the proceedure is tedious. Many lenders want at least three offers and they usually don’t respond to an offer for 90 days. You may put in an offer only to find 3 or 4 months later that they did not accept your offer.
Or they may make a counter offer to you in 90 days that is not attractive. The main problem with “short sales” to a buyer is that if the market keeps going down they may accept your offer. But if the market starts going up they will counter at a higher price.
There are a lot of good buys out there but I’m going to avoid “short sales” on the next property I buy.
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According to a monthly report by the Bratton Appraisal Group the median home price in Bend Oregon fell to $292,000. This is down from the peak of $396,000 in May of 2007. That’s over a 26% decrease. The number of homes sold were up to 92 as compared to 56 in February.
The Bend Oregon real estate market continues to be a strong buyer’s market as prices continue to fall. It is yet to be seen if home prices will stabilize this summer or fall. It’s a good time to buy however as you only know when the bottom has been reached after prices start to go up.
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Even though the Bend Oregon real estate market is down almost 12% from last year and interest rates are below 6%, there are only 12 homes currently listed for sale in the Central Oregon Multiple Listing Service that front on the Deschutes River in Bend.
Deschutes River front property is a rare commodity in Bend. We are in the high desert and there is a limited amount of river front. Prices on these homes range from $549,900 to $3.5 million. Several of these properties have been on the market for over a year and are prime for an offer.
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Rates on 30-year fixed rate mortgages averaged 5.88 percent last week. The Federal Housing Administration (FHA) still guarantees great interest rates for first time home buyers with zero down. The Bend Oregon real estate market is still very much a buyer’s market. It’s a good time to buy!
The Multiple Listing Service of Central Oregon reported that the median prices of homes sold in Bend Oregon fell almost 12 percent in the first three months of 2008 as compared to the first three months of 2007.
I look for the market to pick up this spring (slow start because of the weather) and summer and then possibly go down more this winter. Next spring should see prices rebound and start gradually up again. The only stumbling block could be a deeper national recession.
No one can predict the bottom of any market whether it’s the Bend Oregon Real Estate market or the stock market. Prices are down and interest rates are below 6%. Now is the time to buy!!!!
First time home buyers now have an opportunity to buy a home in Bend using an FHA program that allows the seller to “gift” up to 6% of the sales price toward down payment and closing costs.
The minimum down payment is 3% and closing costs usually run around 3% so it is essentially a nothing down loan to the first time buyer. Unlike the sub-prime loans of the past a buyer must have good credit and a job that will easily make the loan payments.
Bend real estate prices are down and there are some nice homes under $250,000. You can search the Central Oregon Multiple Listing Service through my site at: http://bendoregonrealestateexpert.centraloregonrealtors.com/
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