Real Estate in California

Real estate sales were up over 100% in California in the month of January.  Prices were down 40% from last year.  So what's happening?  Prices are getting very attractive and the good buys are starting to get snapped up.  Many of these sales are Bank Foreclosures.

California's real estate market is a leading indicator to the Bend Oregon real estate market.  The number of Bend Oregon Bank Foreclosures continues to slowly rise.  As these Bank owned homes continue to sell new foreclosures come on the market.  We are starting to see multiple offer on some of the well priced repos.

Some lenders price their REOs (Real Estate Owned) aggressively to sell them quickly while other banks start a little higher and slowly lower their price until it sells.  I think our market will follow the California market and you will see the number of sales pick up drastically with flat or slightly falling prices.  Interest rates are near historic lows and I wouldn't wait for the bottom.  This may be the bottom.  I think this spring/summer will be the bottom of price declines in Bend.  You can never time the bottom.

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.  Jim Johnson is a Certified Residential Specialist and 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.  Jim is licensed by the State of Oregon as the Principal Broker for Bend Oregon Real Estate Expert.