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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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 $449,000 to $3.5 million. Several of these properties have been on the market for over a year and are prime for an offer. Here’s a link to one of the best buys in Bend on the Deschutes River. VIRTUAL TOUR
Jim Johnson has been selling quality homes in Bend Oregon since 1981. Call 541-389-4511 or see his web site to search the MLS - Bend Oregon Real Estate Expert . For more information about Jim click here Expert Advice.
If you’re serious about buying Bend Oregon real estate you should sign up for Jim’s free New Listing Notification Service or call or e-mail Jim today. He is licensed by the State of Oregon as a Principal Broker for Bend Oregon Real Estate Expert
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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