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.
