Current Real Estate Trends
The Bend Oregon real estate market has bounced back with a vengeance. We are definitely in a seller's market. If a home is listed close to market value it will sell quickly. Supply of homes for sale is limited as compared to the demand for homes. Homes priced correctly are receiving multiple offers.
New Construction is booming and many homes are selling prior to completion. As previously mentioned, pricing is the key. I just sold a sale on River' Edge Golf Course. We had listed the home at $449,000 which we knew was high but we wanted to "test" the market. We had two showings but no offers the first week.
As listing broker I provide my sellers with the number of hits on the Multiple Listing web site that each listing receives. One is for the number of brokers and the other is the number of potential buyers. We had around 150 buyer hits and just over 100 Broker hits at $449,000.
I also provide my sellers with feed back from the brokers that show my listings. One broker said the home was over priced and dated. The other broker just said his buyers just were not interested period.
So the data provided showed us that there were numerous buyers and Brokers who had seen the property and the virtual tour I provide my clients but they were not entering the home. Our price was obviously too high so we lowered it $20,000 to $429,000 and I reset the counter for internet hits to zero.
We had over 200 buyer hits and 145 broker hits. We had three showings that weekend, two offers and more Brokers wanting to show it the next week. We sold it for the full price of $429,000.
It seems most buyers don't want to offer less than 5% below the list price. So the moral of story is:
Buyers - don't be afraid to make an offer. You never know what a seller will take. If I am representing a buyer I will contact the listing broker prior to writing an offer to see what the seller's motivation is.
Sellers-Don't wait for someone to make an offer if you are getting good internet activity but limited showings and no offers. A home in Bend that is priced right will sell quickly.
If you would like to see all homes currently for sale in the Bend Oregon Multiple Listing Service go to Bend Oregon Real Estate.