Is there a Real Estate bubble building in Bend?
BEND, Ore. – One of the most common questions that many economists and real estate agents have had in Bend Oregon over the last 12 months is yet another real estate bubble is building? And the answer to this question is no, another real estate bubble is not building in Bend because of these reasons:
#1 – Better Lending Principles
Unlike the build up to the 2007 Real Estate bubble the 2016 Bend Oregon real estate market is being built upon sound lending practices and mortgage lenders are no longer lending money to people with subprime credit or borrowers who cannot provide proper verification of income.
#2 – Supply VS Demand
Although home values have been increasing at a fast pace over the last 12 months in Bend the reality is that the rapid appreciation of home prices can also be attributed to supply and demand. We currently have the lowest supply of homes for sale across Bend that we had in generations and this means that homes for sale can command higher prices because there are more buyers than ever before who have been pre-approved for mortgage loans and are bidding on a smaller pool of homes for sale than what was available in years past.
#3 – More People Are Moving to Bend
Last of all, but most important another big reason why home prices across Bend are appreciating so quickly, and a bubble seems to be building over the last 12 months, is that Bend continues to be one of top cities for relocation across the United States and this has also contributed to the supply / demand problem because there are more buyers searching for homes.
Thankfully were seeing not just residential relocation, were also seeing major companies relocate to Bend and other communities in the area like Redmond, Sunriver and Prineville to escape higher taxes and an unhealthy business climate which can be seen in many states like California.
Learn More about Bend Oregon Real Estate
To learn more about the Bend Oregon Real Estate market, or to view homes for sale, contact the Deb Tebbs group today by calling us at (541) 323-4823 or click here to connect with us online.
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What to Expect In the Bend Oregon Real Estate Market For 2016
March 16, 2016 – 11:10 pm
BEND, Ore. – There’s no denying that 2015 was a great year for the Bend Oregon Real Estate market and now that spring, and the snow is melting, the local Real Estate market is heating up and many people are wondering what we can expect in 2016.
In this post we will share with you several things you can expect from the Bend Oregon Real Estate market in 2016 regardless if you plan on buying or selling a home.
If You Plan On Buying a Home
Buying a home in Bend is going to be more competitive than it was last year because recent reports have shown that Oregon was one of the top relocation destinations during 2015 and that’s only expected to continue this year especially since Bend enjoys over 300 days of sunshine per year and has excellent outdoor recreation options that you can enjoy all year long.
“There is more pressure on new listings than we had last winter, and a higher number of homes are selling within the first 30 days,” says CEO of John L. Scot Real Estate Lennox Scott. “This is setting up the stage for a frenzy market in the spring of 2016. Even if interest rates go up slightly, buyer demand and low inventory still push prices up.” A search on Craigslist Portland shows 1-bedroom apartments renting for a minimum of $1,000. This has caused the Portland City Council and Multnomah County Board of Commissioners to declare housing states of emergencies. Areas outside of Portland are being driven up exponentially as well. In Lake Oswego and West Linn the median home price is around $450K. Likewise, the Tigard, Tualatin, Sherwood, and Wilsonville markets are all above $362K. But there is still desirable Oregon real estate not far outside the Portland city limits that remain affordable. Median prices in Beaverton and Aloha are below $280K, and in Gresham, Troutdale, Sandy, Corbett, and Fairview prices are still below $260K.
Source – Housing Predictor
If You Plan On Selling Your Home
2016 is also going to be a great year to sell a home in Bend Oregon because more buyers will be pre-approved for mortgage loans thanks to historically low interest rates and since we still have a housing inventory shortage we can expect the demand for homes in Bend to be huge.
Before listing your home for sale make sure you do the following:
- Clean up your home thoroughly inside and out.
- De-clutter your home by removing big pieces of furniture.
- Remove all personalization from your home including your artwork, pictures and decorating choices so your home feels more like a “product” than your house.
- Start packing up your home now and place those boxes neatly in your garage or storage.
Contact the Deb Tebbs Group
Get stared with selling your Bend Oregon home today by contacting the Deb Tebbs Group at (541) 323-4823 or CLICK HERE to connect with us online.
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