We provide you with the latest Bend Oregon Real Estate updates as well as general information on Bend and other real estate in Central Oregon.
Finding the perfect home to buy in Bend Oregon is made easy by signing up for an account on this web site to search the MLS for the perfect home! Bend Oregon Homes for Sale
Once you have found the perfect home then it's time to decide how to make an offer. That's where my 40 years of real estate experience comes into play. I can save you thousands of dollars by negotiating a good price on you new home. Feel free to call, text or email today.
Even though more consumers are using the Internet as a tool during their home search, buyers are increasingly utilizing the knowledge and expertise of a real estate agent, according to the National Association of Realtors Real Estate in a Digital Age report.
"Consumers have the ability to do more home buying research online and be more connected during the home search process than ever before, but research proves they are still seeing the value a Realtor brings to the transaction, from the initial search to well after the closing," said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Arkansas. "Realtors bring great value to buyers from every generation, demographic and location as well as in every financial and familial situation. So while consumers have more technological tools available at their fingertips, Realtors® are now more than ever a part of the home buying and selling equation."
The report found that finding the right property was ranked as the most difficult step in the home buying process. Since the Internet is now the first place many people go for information, it's not surprising that 4 in 10 buyers looked for properties online as a first step in the home buying process (up from 36 percent in 2010). However, 88 percent of buyers in 2014 purchased their home with assistance from a real estate agent, up from 83 percent in 2010.
While 94 percent of millennials and 84 percent of baby boomers used online websites in their home search, only 65 percent of the Silent Generation - those ages 69 to 89 years - did the same. Older boomers, those aged 60 to 68 years, used a mobile device to search for properties at less than half the rate of millennials (30 percent versus 66 percent).
When it comes to website listing features, photos and online property information were more important to millennials, while virtual tours and direct contact with a real estate agent were more important to baby boomers. Despite visual content growing in popularity and importance, older homebuyers found virtual tours more useful than younger buyers (45 percent among the Silent Generation and baby boomers compared to 36 percent among millennials).
As for the length of time it takes for consumers to find a home, millennials typically looked for about 11 weeks, while baby boomers and members of the Silent Generation searched for 8 weeks. Internet use also impacted the length of a home search; those who used the Internet to search homes visited more homes and searched for longer, looking at 10 homes over a 10-week period (versus four homes in four weeks for those not looking on the web).
While not all consumers use the Internet in their home search, a growing number are first finding their future home online. Forty-three percent of buyers first found the home they ended up purchasing on the web; that number was just 8 percent in 2001. In 2001, nearly half (48 percent) of buyers found the home they purchased from a real estate agent; today that number is 33 percent.
The Real Estate in a Digital Age report also found greater technology use by Realtors® and real estate firms to better meet the needs of clients. Realtors® prefer to communicate with their clients via email (at 93 percent) as well as text messages (85 percent) and instant messaging (31 percent).
Social media is also popular with Realtors, though 70 percent of female Realtors® are active on social media compared to only 58 percent of male Realtors. Some social media platforms are more popular than others among Realtors®: Facebook and LinkedIn are most utilized by Realtors® (at 80 percent and 71 percent). Realtors® that are active on social media do so for visibility/exposure/marketing (81 percent), building relationships and networking (66 percent), advertising (59 percent) and promoting listings (51 percent).
Realtors and firms know that they must adapt to technology to better work with and understand their clients; however, it is not always an easy feat. In fact, 46 percent of all real estate firms cite keeping up with technology as one of the biggest challenges they face over the next two years. That number is even higher for commercial real estate firms, at 53 percent.
"Realtors constantly strive to find ways to make the home buying and selling process easier for and more accessible to their clients," Polychron said. "There is nothing more important than helping people find and land their dream home, and since technology helps Realtors® do that, it will continue to be a priority."
The National Association of Realtors, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Total existing–home sales, which are completed transactions that include single–family homes, town homes, condominiums and co–ops, fell 4.8 percent to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Despite last month's decline, sales have risen year–over–year for 11 consecutive months and are 6.2 percent above a year ago (5.00 million).
Lawrence Yun, NAR chief economist, says home sales in August lost some momentum to close out the summer. "Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers," he said. "The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year."
The median existing–home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400). August's price increase marks the 42nd consecutive month of year–over–year gains.
Total housing inventory at the end of August rose 1.3 percent to 2.29 million existing homes available for sale, but is 1.7 percent lower than a year ago (2.33 million). Unsold inventory is at a 5.2–month supply at the current sales pace, up from 4.9 months in July.
"With sales and overall demand higher than a year ago and supply mostly unchanged, low inventories will likely continue to limit options for those looking to buy this fall even with the overall pool of buyers shrinking because of seasonal factors," adds Yun.
The percent share of first–time buyers rebounded to 32 percent in August, up from 28 percent in July and matching the highest share of the year set in May. A year ago, first–time buyers represented 29 percent of all buyers.
According to Freddie Mac, the average commitment rate for a 30–year, conventional, fixed–rate mortgage declined to 3.91 percent in August after climbing above 4 percent in July (4.05 percent) for the first time since November 2014 (4.00 percent).
"When the Federal Reserve decides to lift short–term rates — likely later this year — the impact on mortgage rates and overall housing demand will likely not be pronounced," says Yun. "With job growth holding steady, prospective buyers can handle any gradual rise in mortgage rates — especially if today's stronger labor market finally leads to a boost in wages and homebuilding accelerates to alleviate supply shortages and slow price growth in some markets."
NAR released a study earlier this month that examined new home construction in relation to job gains. The findings revealed that home building activity is currently insufficient in a majority of metro areas and is contributing to the ongoing housing shortages and unhealthy price growth in many markets.
Properties typically stayed on the market for 47 days in August, an increase from 42 days in July but below the 53 days in August 2014. Short sales were on the market the longest at a median of 124 days in August, while foreclosures sold in 66 days and non–distressed homes took 45 days. Forty percent of homes sold in August were on the market for less than a month.
All–cash sales decreased slightly to 22 percent of transactions in August (23 percent in July) and are down from 23 percent a year ago. Individual investors, who account for many cash sales, purchased 12 percent of homes in August, down from 13 percent in July and unchanged from a year ago. Sixty percent of investors paid cash in August.
Matching the lowest share since NAR began tracking in October 2008, distressed sales4 — foreclosures and short sales — remained at 7 percent in August for the second consecutive month; they were 8 percent a year ago. Five percent of August sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in August (17 percent in July), while short sales were discounted 12 percent (unchanged from July).
NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says Realtors® worked hard over the summer to prepare for the Oct. 3 implementation of Know Before You Owe, also known as the TILA–RESPA Integrated Disclosure rule. "A large majority of Realtors® have taken some form of training5 to prepare for the new disclosure requirements," he said. "As the ruling goes into effect next month, communication is crucial between all parties involved in a real estate transaction to ensure consumers get to closing seamlessly and without delay. NAR will monitor the progress of the rule in the weeks ahead and will share any concerns that arise as part of our continued partnership with the Consumer Financial Protection Bureau."
Single–family home sales declined 5.3 percent to a seasonally adjusted annual rate of 4.69 million in August from 4.95 million in July, but are still 6.1 percent above the 4.42 million pace a year ago. The median existing single–family home price was $230,200 in August, up 5.1 percent from August 2014.
Existing condominium and co–op sales declined 1.6 percent to a seasonally adjusted annual rate of 620,000 units in August from 630,000 units in July, but are still up 6.9 percent from August 2014 (580,000 units). The median existing condo price was $217,400 in August, which is 2.2 percent above a year ago.
August existing–home sales in the Northeast were at an annual rate of 700,000, unchanged from July and 6.1 percent above a year ago. The median price in the Northeast was $271,600, which is 2.4 percent above August 2014.
In the Midwest, existing–home sales declined 1.5 percent to an annual rate of 1.28 million in August, but remain 5.8 percent above August 2014. The median price in the Midwest was $181,100, up 4.0 percent from a year ago.
Existing–home sales in the South fell 6.6 percent to an annual rate of 2.14 million in August, but are still 5.9 percent above August 2014. The median price in the South was $196,300, up 6.0 percent from a year ago.
Existing–home sales in the West dropped 7.8 percent to an annual rate of 1.19 million in August, but remain 7.2 percent above a year ago. The median price in the West was $321,300, which is 7.1 percent above August 2014.
There are many factors that cause sales to slow in Bend. You can search BEND OREGON REAL ESTATE here.
Pending Bend Oregon real estate sales continue a steady pace while nationally, pending home sales declined in October but remained at a healthy level of activity and are above year-over-year levels for the second straight month, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.1 percent to 104.1 in October from an upwardly-revised 105.3 in September, but is 2.2 percent higher than October 2013 (101.9). The index is above 100—considered an average level of contract activity—for the sixth consecutive month.
Lawrence Yun, NAR chief economist, says despite October's modest decline, contract signings have remained at a healthy pace now for six straight months. "In addition to low interest rates, buyers entering the market this autumn are being lured by the increase in homes for sale and less competition from investors paying in cash," he said. "Demand is holding steady but would be more robust if it weren't for lagging wage growth and tight credit conditions that continue to hamper those individuals looking for relief from rising rents."
The median existing-home price for all housing types in October was $208,300, which is 5.5 percent above October 2013. Monthly median price growth has averaged 5.8 percent in 2014 (through October) after averaging 11.5 percent last year.
"The increase in median prices for existing-homes has leveled off, representing a healthier pace that has kept affordability in-check for buyers in many parts of the country while giving more previously stuck homeowners with little or no equity the ability to sell," says Yun.
Yun says evidence of rising home prices allowing more willing homeowners the ability to sell can be found in NAR's annual survey released earlier this month, which revealed that the typical seller over the past year was in their home for 10 years before selling—an all-time survey high for tenure of home.
NAR also recently released its economic and housing forecast for 2015 and 2016. Yun is forecasting existing-home sales this year to fall slightly below 2013 (5.1 million) to 4.9 million, and then increase to 5.3 million next year and 5.4 million in 2016. Yun expects the national median existing-home price to rise 4 percent both next year and in 2016.
The PHSI in the Northeast inched 0.5 percent to 87.9 in October, and is now 3.4 percent above a year ago. In the Midwest the index slightly declined 0.6 percent to 100.6 in October, and is now 3.0 percent below October 2013.
Pending home sales in the South decreased 1.0 percent to an index of 118.3 in October, but is still 3.9 percent above last October. The index in the West fell 3.2 percent in October to 98.1, but remains 4.1 percent above a year ago.
Click this link to view homes currently for sale in NorthWest Crossing.