Great time to buy real estate in Bend!

Prices are still falling!

Prices are still falling in Bend and now is a great time to buy! I look for prices to bottom out next spring.

SOLD

There are some good buys on today's market and properties priced right are selling. The river front property we mentioned a couple of weeks ago sold and there are buyers waiting.

Prices are Falling!

More and more properties are coming on the market and sellers are lowering their prices to sell their properties. I currently have several good buys. One is a river front home on .86 of an acre. It has a private trail to the river and Cascade mountain views. This is a very rare find in Bend and it's only $549,500. The home is 1,700 square feet and has a double car garage. This summer is a great time to buy real estate in Bend.

Here's a link to a Virtual Tour of Bend:http://www.distinctivehometours.com/tour.asp?tour=BendOregon

Buyer's Market

Now is the time to buy a home in Bend! There are more and more homes coming on the market and those sellers that really want to sell their homes are forced to lower their prices to the current market which is lower than the prices last year. These lower prices should last through this spring and fall.

Bend is Still Growing

The U.S. Census Bureau reports that Deschutes County is the 60th fastest growing county in the United States. That goes to show what a great place this is to live. The Bend Bulletin recently reported that Deschutes County building permits were down over 50% from this time last year. This all points to the fact that now is the time to buy real estate in Bend.

More and more houses are coming on the market this spring. So there are going to be some good buys this summer. I'm betting that the market will bottom out this year and head back up next spring. Now is the time to pick up a good buy in this Buyer's Market

Bend Oregon Real Estate: Real Estate Statistics - Reading Between the Lines

Bend Oregon Real Estate: Real Estate Statistics - Reading Between the Lines

Bend Oregon-A Great Place to Live

People keep moving to Bend because it's a great place to live. I went fishing at Lake Billy Chinook Sunday. It was over 60 degrees and beautiful. We saw one Golden Eagle and several Bald Eagles. The fish weren't bitting but it was a great day to be out.

Last month I had a nice retired couple from Colorado here looking at moving here. They are fly fisherman and I'm betting they will be living here next year. Yesterday I met a man from California and it looks like he will be moving here with his wife and 3 children.

Bend has so many different things to offer people will always want to move here. Here is a little virtual tour of Bend I put together. Enjoy!
Link to Bend Virtual Tour http://www.distinctivehometours.com/tour.asp?tour=BendOregon

Real Estate Statistics - Reading Between the Lines

The government statistics that came out yesterday prove one thing. Bend is one of the top real estate markets in the country. A closer look at the statistics shows a little different story. These statistics did include home refinances. My analysis showed that the median priced home that sold was up 19.8%, still an unbelievable number. That is calculated on a price per square foot basis.

I broke down the 4th quarter sales of 2005 vs. 2006 even further and found:
- 1% Homes over 3,000 square feet
+4.3% Homes under 1,350 square feet
+7.6% All New Homes sold

One thing that the government report also showed was that 21 of the 26 California markets had negative home appreciation. The California market is a leading indicator to the Bend real estate market. So you can look for our market to go down this year. I do think this summer will be the bottom but no one really knows.

The statistics don't show the "perks" that new home builders are giving with their new homes. Granite counter tops, hardwood floors, appliances and back yard landscaping are just a few. Some are giving away $25,000 cars or making your payments for six months. There are also many more finished new homes on the market now than there has been in the last few years.

Interest rates are low and I see this as a good time to be shopping around and finding a bargain!

Here's a link to a Virtual Tour of Bend:

http://www.distinctivehometours.com/tour.asp?tour=BendOregon

Bend Oregon Home Prices Increase

The Office of Federal Housing Enterprise Oversight (OFHEO) reported today that prices incresased in the fourth quarter of 2006.

Significant HPI Findings:

Highest and Lowest Appreciation:

1. The states with the greatest rates of appreciation between the fourth quarter of 2005 and the fourth quarter of 2006 were: Utah (17.6%), Wyoming (14.3%), Idaho (14.0%), Washington (13.7%), and Oregon (13.5%). The states with the lowest rates of appreciation for the same period were: Michigan (-0.4%), Massachusetts (0.5%), Ohio (1.0%), Indiana (2.3%), and Minnesota (2.5%).
2. The Metropolitan Statistical Areas (MSAs) with the greatest rates of appreciation between the fourth quarter of 2005 and the fourth quarter of 2006 were: Bend, Oregon (21.4 %), Wenatchee, Washington (20.9%), and Provo-Orem, Utah (19.9%). The MSAs with the lowest rates of appreciation for the same period were: Kokomo, Indiana (-5.3%), Santa Barbara-Santa Maria- Goleta, California (-4.2%), and Jackson, Michigan (-3.9%).
3. Of the 282 cities on OFHEO’s list of “ranked” MSAs, 256 had positive four-quarter appreciation, 25 had price declines, and prices were unchanged in one city.

Prices are now leveling off and there are some good buys in today's market.
www.bendoregonrealestateexpert.com

Bend Oregon Real Estate Investments

Bend Oregon has seen some of the fastest growth in the nation in the last few years. The real estate market has cooled down some now but there are still some opportunities out there for the smart investor. The days of buying a house, condo or land and then "flipping" it are over.

In my mind the good investments are going to be centered around the City of Bend's new Juniper Ridge development in North Bend. They are planning on a mixed use zoning and have already annexed 500 acres into the city limits. Most of this first phase will be light industrial (IL) zoning and research and Development. But the second phase will have a new four year college campus, some commercial and residential.

This land is all owned by the city of Bend but there are several hundred acres of private property around the development that are for sale now or will be on the market shortly. These are the properties that a smart investor can make some money on.

Most of this land is currently zoned for low density use. However, the city is in the process of rezoning most of this property and bringing it into the city limits. A new sewer main is proposed to border the south end of Juniper Ridge and run east to the sewer plant.

The city is supposed to make their proposed changes public on March 26, 2007. This is two years later than what was supposed to happen. So this date is not etched in stone. However, it should be made public soon.

The smart investor could be buying some of the surrounding property now and possibly doubling their money in a couple of years.

Now is the Time to Buy

There are a lot of good buys on the market today! River front properties, new homes and used homes that people have to sell. Some sellers won't negotiate much but some will. Time to start writing offers.

Bend Home Prices are Falling

Prices of Bend area homes have actually been falling for the past several months. It's just taken the "median priced" statistic method a while to start showing it. There are several factors that have falsely shown prices to remain high. One is that new homes are larger square footages. Another is that there have been fewer less expensive homes (glut) selling. So that shows a higher median priced home. Prices will continue to fall this spring so it's a good time to be shopping around for a good buy. Here's a great buy on Bend's Westside on 2.5 acres.

http://www.distinctivehometours.com/tour.asp?tour=bridle

Bend Oregon Real Estate

Investments near Juniper Ridge

The City of Bend is supposed to come forth with their proposed move of the Urban Growth Boundry (UGB) and the city limits on March 26, 2007. At the same time they will be proposing zone changes for the new properties along with their Juniper Ridge project.

I have several properties listed now that should be brought into the city with the zoning change. Most of these properties are listed around $250,000 an acre. One property abuts the new Juniper Ridge project. The proposed sewer main is to be installed within 660 ft. of this property. Looks like a great investment to me!

There are some great investment opportunities for the astute invester or developer. This would be a geat place to put some 1031 money for 1-3 years.

Prices still rising!

I did a market analysis yesterday. I compared the median sales prices for January 2007 vs. January 2006. Prices per square foot were up just under 10%. It looks like there are going to be a good number of homes coming on the market this spring. Looks like a good time to buy.

Bend Oregon Real Estate - A Buyer's Market

Real estate prices in Bend have been going up steadily over the last five years. According to statistics from the Multiple Listing Service of Central Oregon home prices have almost doubled in the last four years. The MLS shows that the number of sales of homes in the third quarter of 2006 was down 19.32%. However the average sales price was up 25.09% during the same period. These statistics can be misleading because of the lag time of the new home sales and the final closing date.

Some new homes are put under contact before the foundation is poured. This can leave 6 to 12 months before the home is completed and closed. All statistics from the MLS are based on the "Sold" date. Therefore these statistics are skewed. The sale is not reflected properly.

Prices are actually coming down this fall and probably will continue through the winter as the inventory continues to build. It is taking longer for homes to sell and there are more homes for buyers to choose from.

The real estate markets in California, Arizona, Florida and other key states are leading indicators on how the market in Bend will do. In1989 real estate values in Bend jumped 35%. Out of state buyers from California, Florida, Arizona, Washington State and other hot markets were selling their homes for large profits and moving to Bend to buy larger homes. 1990 and 1991 saw the out of state markets dry up with prices falling. The Bend market followed these markets before it picked up again.

This winter is the time to buy real estate in Bend. There are homes on the market now that have been substantially reduced with seller's willing to take any reasonable offer. Some homes are vacant and can be bought with a lease-purchase. We look for the market and prices to pick back up next spring.

A report recently released by the Federal Deposit Insurance Corp., or FDIC reported that Bend is the 35th fastest growing job market in the country for the second quarter of 2006, wit a job growth rate of 4 percent during that period. The FDIC reported sales activity in Oregon fell 12 percent in the same quarter.

Building permits for single family homes have been constantly falling but the pace of building takes a while to slow down from the torrid pace of 2005. Builders have to develop the lots, get permits and start the construction. Construction of the average homes takes about six months. There are still new homes coming on the market today that were in the planning stages in 2005.

Some builders are also starting to offer more incentives if you buy one of their homes. Upgrades in appliances, floor coverings, wood work, landscaping and other aspects of construction are now free. Some builders are also willing to pay points in order to help buyers qualify for lower payments on their loans.

The National Association of Realtor's chief economist, David Lereah, predicted that sales through the rest of 2006 will be lower than earlier predicted. "This year, sales are slowing, homes are plentiful and sellers are negotiating," Lereah said. "Under these conditions, we will probably see prices dip temporarily below year-ago levels as the market works through a buildup in housing inventory."

The Central Oregon Association of Realtors is the best place to track the home sale statistics in Bend and Central Oregon. You can find these statistics on their web site. Keep in mind that these statistics include many new homes that were put in escrow months before the official closing date.

If you are a real statistics buff you can go to the web site of the Office of Federal Housing Enterprise Oversight. It has a housing price index for all states individually, a house price calculator and other useful tools. However, keep in mind that these reports lag behind reality somewhat. Real estate prices in Bend are falling now and will continue through the winter.

Interest rates are still low and gas prices are falling, all good signs that the real estate market in Bend will be picking up next spring. If you have ever thought about buying real estate in Bend Oregon now may be the best opportunity you will have in a long time. There are some good buys in today's market. Look for prices to start going up this spring.

Bend Oregon Real Estate - Buying a New Home

Now is the time to buy a new home in Bend Oregon. The prices of homes in Central Oregon have been going up in value steadily over the past several years. The Multiple Listing Service of Central Oregon reports that home values have almost doubled in the past four years.

Land values have been going up and new construction has been booming for the last five years. Now the market is in a slow down and is being flooded with inventory. Homes are taking longer to sell and builders are being forced to lower their prices.

New home developers and builders were able to sell homes in the past few years before they broke ground. They had buyers waiting in the wings to purchase these homes as soon as the lots were developed and the builder priced the homes. The buyers chose their finish materials and waited for construction to be finished.

The winter of 2006/2007 is going to be the best time to buy a new home in Bend Oregon. The National Association of Realtors reported "In the West, existing-home sales declined 3.1 percent to an annual pace of 1.25 million in September, and were 23.8 percent lower that a year earlier. The median price in the West was $332,000, down 5.1 percent from a year earlier."

One developer/builder in Bend recently lowered prices $20,000 across the board on all of his homes. He now has eight homes sitting finished. He is also including central air-conditioning, upgraded tile counter tops, a refrigerator and backyard landscaping. These free upgrades and lower prices were not available last year.

As new and used home sales continue to fall and inventories continue to build Bend is starting to look like a candy store for home buyers. The new home market will show some of the best buys because builders have to sell. They cannot afford to sit on millions of dollars of inventory.

As we go into winter and the temperature starts to drop the heat bills start to go up. This increases the holding costs of a developer/builder. Builders are also starting to pay closing costs for a buyer which indirectly gives today's buyers a better value yet.

Developers are usually large businesses that can afford to sell a few houses at a loss to get them through the winter. One builder has lowered his asking price of one particular home to almost $50,000 lower that the same floor plan sitting vacant down the street. He has several homes finished and sitting vacant and his interest payments continue and now winter heat bills will be adding to his holding costs.

This "buyer's market" won't last for long though. Interest rates are still around 6.25 percent and the Federal Reserve just held tight with no interest increase. So interest rates should stay low over the winter.

Gasoline prices are falling and it was just reported by the Bend Bulletin, Central Oregon's local news paper that "Deschutes County jobless rate sinks To 3.7 percent." Bend continues to grow. There are good jobs available and people continue to move to Bend.

Bend is also one of the most desirable places to live in the United States. If you live in Bend you can drive 30 minutes west and be in the mountains with great fishing, hunting, hiking and biking. You can drive 30 minutes east and be in the high desert with spectacular mountain views and fresh clear air.

It is said that Bend's local ski mountain, Mount Bachelor has some of the best powder in the Northwest. Golf magazines also report that Bend is one of the best golf communities in the West. Golf is available for golfers of any budget from inexpensive public courses to luxury private courses.

The Deschutes River runs through the middle of Bend. It is a nationally famous trout stream and also has Steelhead and Salmon runs in its lower reaches. Because Bend is such a great place to live there will always be a demand for new homes.

Local Realtors look for prices to stabilize and start back up next spring. David Lereah, the chief economist for the National Association of Realtors said, "When consumers recognize that home sales are stabilizing, we'll see the buyers who've been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we say last year."

The next few months will be the best time in a long time to buy a new home in Bend Oregon.