As life around Oregon begins to take some degree of normalcy, I’m beginning to get questions from clients, family, and friends who are wondering about the state of the market. Prospective buyers want to know if now is a good time to purchase a home or investment property around Bend. They want to take advantage of record-low borrowing rates, but also want perspective on prices. Will they drop further? How long should they wait to see?
Sellers on the other hand are also wondering about timing. Should they move now while prices remain stable? Or do they wait to see if they get the usual summer price lift as well as an extra boost from buyers with pent demand?
The truth is there are no easy answers. But there are opportunities for both sellers and buyers in our local real estate market. Here’s what we know, right now.
Home sale reports show that sales have dropped locally and nationally over the last couple of months amidst the corona virus protocols and mandatory social distancing. However, prices have remained steady or even inched up a bit in certain locations including, parts of Central Oregon.
While there is no crystal ball for buyers or sellers. However, we know that the Central Oregon real estate market is already recovering around Bend and beyond. Experts predict that we will see more interest in rural and Western resort markets like Bend, Sunriver, La Pine and Prineville in the wake of the corona virus pandemic.
With the current COVID restrictions in the big metropolitan areas people are starting to look at smaller towns like Bend as safe havens from the current outbreak as well as future events that tend to hit large cities the hardest. The fact that Bend has emerged as one of the West’s most popular destinations for remote workers, as well as small business start-ups, is strengthening our position. With Deschutes County moving into phase 2 of reopening with more restaurants and retail shops opening their doors to customers, I'm seeing more and more out of town buyers coming back into the market.
However, if you're a buyer expect some competition. Make sure that you are prepared to make an offer before you start shopping. There are lots of tips and help available locally that can help you organize your finances and housing priorities.
Unlike the 2008 market crash and subprime crisis, the COVID-19 pandemic has done nothing to alleviate Central Oregon’s housing shortage. We are still experiencing low inventory and I'm seeing multiple offers on homes that just hit the market. So if you're thinking of selling or know someone that is, please let me know and I'd be happy to complete a market analysis on the home for no cost. Now is also a good time to buy a new home with historically low interest rates. So after spending more time at home the last couple of months and you've noticed you need another room/office or more outdoor space, let me know and I'd be happy to show you a few homes.