My Weekly Central Oregon Real Estate Blog

For many people, finding a coffee shop is essential to making themselves at home in their new town. If that sounds like you and you are considering a move to Bend, plan to stop by some of these local coffee shops on your house-hunting trip. Bend has a thriving restaurant scene, including food, craft beers, and excellent coffee.

To learn more about moving to Bend, contact us any time. We would love to help you find your ideal property in town or in one of the many beautiful surrounding communities.

Don't forget to check out some of these coffee shops while exploring the area.

Thump Coffee

Thump Coffee, with three locations in Bend, truly offers something for every coffee lover. Quality coffee and an inspiring experience motivate Thump Coffee and its fantastic staff to create memorable experiences. Whether you drop into the downtown location in a quaint old brick building on Minnesota Avenue, grab a quick cup of your favorite beverage in the Grove Market Hall in NW Crossing, or check out the live music down the street at the York Drive Roastery, Thump has something for everyone!

Lone Pine Coffee Roasters

Lone Pine Coffee Roasters has been perfecting their craft and serving up delicious coffee in Bend since 2009, now in two locations. They have amassed an enthusiastic following with their commitment to quality. Enjoy a latte or pour-over coffee in one of their cafes, where it's easy to connect with a community of fellow coffee lovers and Bend residents in their friendly spaces.

Backporch Coffee Roasters

With four locations in town, Backporch Coffee Roasters can be enjoyed no matter where you're headed that day. They get their name from the location of their original roaster, out on the back porch. Backporch represents the best of the third-wave coffee movement, with high-quality, locally roasted beans offered in a variety of brew methods. Grab a pound of beans to bring home or choose from their unique instant brew options to take with you on the go.

Kanona Cafe

With an emphasis on craft coffee and clean food, Kanona Coffee is committed to serving the best to the Bend community. Their food menu sets them apart from other coffee shops, with fresh and healthy menu items like açaí bowls and avocado toast. Enjoy your time in Kanona inside the charming cafe or out on the wraparound porch, where you just might want to relax and stay a while.

Perk Avenue Coffee

If you love the classic coffee shop vibe, you will love Perk Avenue Coffee. They have been serving the Bend community since 1997 with a menu filled with coffee and non-coffee drinks. All their coffee is sourced locally, and they have a menu of vegan and gluten-free options. This is a local coffee shop with a loyal following, perfect for when you want that homey, comfortable coffee shop experience.

Looney Bean Coffee

Looney Bean has been roasting coffee and baking delicious pastries since 1992, making them a staple in downtown Bend. Located on the banks of the Big Deschutes River just behind the classic Pine Tavern, grabbing a cup of coffee at Looney Bean feels more like visiting a friend's house than going to a business. With an expansive riverside yard that is dog friendly, stopping in for a hot beverage after a walk through Drake Park is easy and fun!

Ready to plan a house-hunting trip in Bend? Contact us any time to get started. Here are some other great Bend things to do:

Best Brunch in Bend, Oregon

Favorite Restaurants in Bend

Are you the type to love Bend?

In one week of the Fed bailing out banks with over $300B (that's a billion, with a "B"), half of the Quantitative Tightening over the last several months was wiped out. In a last-ditch effort to show he is committed to "fighting inflation," I expect Jerome Powell to announce a 25 basis point hike of the overnight rate today. With the 30-year national average for a fixed-rate conventional mortgage yesterday at 6.75%, there is every chance the mortgage rate could climb further. However, with the value of many banks' Held to Maturity assets (primarily bonds) in decline, the contagion spreading through banks will likely be the beginning of the pivot Wall Street has been waiting for. Admittedly, the Fed has no good options at the moment. Many analysts are predicting lower rates for the second half of this year, with inflation as entrenched as ever.

Long-term, more than just investors are looking to invest in hard assets, as we've witnessed with solid buyer demand in the Central Oregon housing market, despite high mortgage rates. Whether lower rates materialize remains to be seen, along with a significant increase in inventory. However, higher mortgage rates have kept many buyers on the sidelines, creating pent-up demand. If rates at or below 6% become available as the year progresses, I anticipate a flood of buyers and the potential for an even more competitive real estate market. If you have a long-term focus on Central Oregon and the means to purchase over the next several weeks, now might be an excellent opportunity to secure your home or investment. 

A temporary rate buydown is a perfect strategy to lower your rate, with the benefit of any unused pre-paid interest returned to you when you refinance should lower rates materialize. On the other hand, a permanent rate buydown is a sunk cost most appropriate with a seller credit to the buyer at closing. I am happy to walk you through the basics of these programs, but the best advice I can offer would be some great local lenders that can guide you through the best approach for you.

Single-family homes for sale in Deschutes County increased again this week, now at 541, up fourteen from last week. In addition, there were nine more pending sales than the previous week, for a total of seventy-three. Total sales increased by twenty-four for a total of sixty-two. It looks like we are past the home inventory low for this year, which occurred on March first when there were 485 homes listed; Deschutes County median days on the market for pending sales decreased to ten this week, down three from last week, with a median price decrease of -3.45%. These numbers show strong buyer demand, especially for this time of year. 

While paying attention to the economy is essential to position yourself properly as either a seller or buyer, a long-term focus is the best strategy for housing, with several tools available to navigate interest rates. When rates decline in the future, a refinance solves that issue. For example, with a lower mortgage interest rate, you could refinance into a 15 or 20-year mortgage and have the same payment as the higher rate. Housing price dips have been few and far between over the last century, but steady appreciation has been nearly constant. The S&P 500 peaked in December 2021, while housing nationally peaked in June 2022. That said, the factors driving buyers to Central Oregon are unique to our area and not always in step with national trends. However, there is no question our economy is increasingly volatile, and a more significant increase than my expected 25 basis point hike or a hawkish tone from the Fed for future guidance could roil markets. Also, with nearly 200 banks identified as troubled, the banking crisis could still add to the economic uncertainty. When the current volatility is in the rearview mirror, Central Oregon will still be a great place to live, and housing will still be in short supply relative to how many people want to live here. 

Whether you need help finding a great lender, or an expert analysis on pricing your home for sale, I am here to help. So please reach out anytime, or jump on EnjoyBendLife.com and use the tools available 24/7!

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I would be remiss if I didn't mention the bank failures last week, with Silicon Valley Bank leading the way, followed by Signature Bank and Silvergate Bank. The ramifications of this are still unknown, especially since more banks will fail in the coming weeks. While most of the deposits held by SVB were more than FDIC insurance limits, the Federal Reserve and US Treasury said depositors would be made whole. Unfortunately, this is terrible news for the "fight" against inflation, as more government spending will only exasperate the problem. I haven't been shy about my skepticism of the Fed and its true motives for rate increases, which are not all about fighting the inflation they created. However, some analysts have predicted the Fed would raise rates until "something breaks," which seems to have happened. Before the failure of SVB, analysts expected at least a 25 basis point rate increase at the coming FOMC meeting or even a 50 basis point increase if job numbers came in strong. However, many now believe the Fed may hold firm and not raise rates. What a difference a week makes!

This tumultuous activity in the financial sector is driving even more people towards hard assets like real estate. As a result, it will likely apply downward pressure on mortgage interest rates, 6.75% for the 30-year fixed-rate national average yesterday, down from over 7% just a few days ago. 

I have documented the increase in buyer activity the closer rates get to 6% as buyers on the edge of affordability gain some breathing room. However, not every segment of the market is dependent on financing. For example, thirty-six homes are listed in Deschutes County at or above $2.5M, with nine more under contract. Since September 15, 2022, 26 have sold, with sixteen cash sales. 

Deschutes County inventory increased slightly to 527, up sixteen from last week. However, the days on the market for actively listed homes decreased again, now at fifty-two. Pending and sold homes exactly matched last week at sixty-four and thirty-eight, respectively, and in another sign of solid buyer demand, the days on the market for pending sales dropped to thirteen. As a result, the median price reduction for pending sales decreased to -2.9%, with only twenty of the sixty-four pending sales reducing the list price. Two-hundred-twenty-one active listings have reduced the list price (41%) as prices firm up and new listing prices more closely reflect today's market without adjusting. Sixty-six homes hit the market in the previous seven days in Deschutes County.

It is impossible to predict whether the current economic climate entices sellers to list their homes, although the steady demand and firm prices are good motivations. However, there is no indication that a flood of inventory is coming. On the contrary, if mortgage interest rates begin to cool, more buyers will make offers, and without enough homes for sale to satisfy demand, prices will likely stay firm. 

I regularly speak with buyers that expect a significant drawdown in home prices. Unfortunately, home prices have steadily increased for several years, and the current conditions are not applying downward pressure. Moreover, nothing in the data today indicates a change in the pricing dynamic. I understand buyers want a reasonable price on a new purchase, but a better question may be, "what will the home be worth in ten years?" 

Whatever your opinions on the market, I have tools readily available on my website and up-to-date knowledge of our current market. Don't hesitate to contact me for any of your real estate needs or if you think I am wrong about my interpretation of the market! Together we can strategize the best way for you to achieve your goals.

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Looking for a new place to get brunch in Bend? It should come as no surprise that this hip and friendly Central Oregon city has plenty of excellent brunch choices, especially if you're already aware of how impressive the Bend restaurant scene is. Whether you are looking for something sophisticated or a casual place to enjoy brunch with the kids, Bend has it all.

To learn about buying a home in Bend in 2023, let us know how we can help! Contact us any time.

For a list of brunch spots to try this year, consider some of these Bend favorites.

Cafe Sintra

Cafe Sintra is locally known as one of the best brunch spots, so make sure you get a reservation or arrive early when you plan to enjoy a meal with them. The restaurant is named after the owner's hometown in Portugal, and features Portuguese flavors in their dishes. Try an inventive and flavorful take on an Eggs Benedict or omelet and pair it with a signature cocktail or espresso. All their dishes come with their Sintra potatoes, a flavorful side featuring fresh herbs. Whether you love sweet or savory brunch items, you will love a morning at Cafe Sintra.

Blissful Spoon

Blissful Spoon is a European style bistro open for brunch and lunch, located in charming downtown Bend. They are known for "fabulous food with no guilt," offering an extensive gluten free menu and featuring fresh, locally sourced ingredients. They got their start in the Bend farmers market, and honor those beginnings by maintain connections with local farmers and purveyors.

Located just a block from Mirror Bond, Blissful Spoon is the perfect spot to enjoy a leisurely brunch before exploring outside.

Chow

Consistently ranking among the favorite brunch spots in Bend, Chow is known for their reliably delicious food. Located in westside Bend, guests can enjoy live music outside when weather permits, and the menu never disappoints. Order one of their creatives takes on a mimosa to pair with a honey truffle fried chicken sandwich or a fajita breakfast skillet.

Drake

Another popular downtown Bend brunch spot is Drake, so popular in fact that you almost have to have a reservation to get a table. This hip and sophisticated restaurant occupies a busy corner and features trendy menu items that will make it hard to choose. Try their housemade ricotta donuts, cornmeal waffle, Carolina shrimp & grits, or a fennel sausage and egg sandwich on brioche. The cocktail menu is sure to satisfy, too.

Bo's Falafel Bar

Every Thursday through Sunday, Bo's Falafel Bar has a pop-up bagel shop you simply cannot miss. Few simple eats satisfy like a fresh bagel or bagel sandwich, and that's exactly what you will find at Bo's. Try a salted rosemary honey bagel with homemade cream cheese, or for something more filling you can opt for a bagel sandwich with homemade apple and herb sausage, fried eggs, and melty cheese. Enjoy your bagels on the patio with a house made cocktail, or take some with you for brunch on the go as you enjoy a hike or bike ride around Bend.

Ready to learn more about living in Bend? Contact us any time.

Mortgage rates for 30-year fixed-rate loans yesterday were 7.03% for the national average, but there was an uptick in applications from the previous two weeks. However, applications compared with one year ago are down 42% nationally. In Crook and Jefferson County, available homes for sale have remained low but stable, with one hundred seventeen and sixty-eight active listings, respectively. Both counties have median days on the market of ~90 for active listings and ~70 for pending sales. The median sale price in Crook County was 459k, and 347k in Jefferson County. Pending and sold price reductions vary dramatically from week to week in these counties but are generally higher than in Deschutes County. The largest cities in these counties, Prineville and Madras, are good options for buyers constrained by budget and lending costs. 

In Deschutes County, active inventory has increased by twenty-six to 511, a trickle of new listings as spring approaches. The median sale price was $627,500, slightly above the median for the first eight weeks of 2023 and in line with recent weeks. While price decreases have slowed, 42.8% of the active listings have taken a price cut, and 42.2% of pending sales. Of the thirty-eight sales last week, 52.6% reduced the asking price. The median price reduction for sold homes in the previous week was -5.81% or a median of $32,707. The median numbers are an excellent way to get a feel for the market but do not apply equally. Attractive, well-priced homes are selling quickly without price reductions. Sellers have also zeroed in on appropriate pricing, with the median reduction for active listings in Deschutes County listed for thirty days or less at -1.53%. There are 184 homes listed for thirty days or less with a median asking price of $727,500. Jumping up to homes listed between 30-90 days shows 128 listings at a median price of 650k and a median decrease of -3.05%. Finally, 207 homes have been listed for ninety days or more at a median of 780k with a median price reduction of -6.01%.

Three hundred sixty-one homes currently listed in Deschutes County are at or below $999,999, with the median days listed at forty-nine and the median reduction at -4.38%. That leaves 153 listings above $1M at a median of ninety-one days listed and a median decrease of -6.69%.

My goal wasn't to bore you with minutia but to break down the market and give you a clear picture of where the most significant price decreases and opportunities lie. For many of the homes lingering on the market, the list price is more of a wish-price, and I suspect many of these sellers would be open to lower offers. There is a strong chance for buyers looking at these properties to get a seller credit towards an interest rate buy-down or a lower price for cash or well-qualified buyers. Remember that jumbo loan rates are approximately 100 basis points lower than conventional rates.

Over the previous week, fourteen of the sixty-four pending sales were over $1M, with twenty-six median days listed and a median price decrease of -7.88%. Conversely, the pending sales under $1M took twenty-one days to secure a contract with a median price decrease of -5.42%. For higher-end homes, pricing is complicated, as many of these properties are unique. Whether it is large acreage, special finishings, or a spectacular view, the pricing of the many stunning homes in Central Oregon can be tricky. Ultimately, it takes a willing buyer to make a deal happen at any price point. If a home you are interested in has lingered on the market, there is a good chance the seller is willing to look at offers. As interest rates rise, fewer sellers are listing their homes. Considering a home that makes sense for you is a good plan, as there are no guarantees another suitable home will come to market in a reasonable amount of time. 

Whether you are waiting out the economy or ready to sell or buy this year, I am available to help. In many cases, those waiting out the current conditions have much to gain from staying engaged in the market. Please do not hesitate to ask questions about specific properties, no matter your timeframe.

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You can still manage to buy a house even with bad credit, but you'll have to jump through hoops and spend lots of money to get there. On the other hand, the process will be quite easy when you have an excellent credit score. Even when you are credit is fair, pushing it up by several points can save thousands of dollars in the purchase.

Therefore, before sending that mortgage application make sure you have an excellent credit score. It isn't a magic wand you wave around to get there but rather recognizing your financial weaknesses and fixing them to improve your credit score. There are several ways you can boost your credit score before buying a home and they include:

Dispute errors on your credit report

Order your credit report and look for any mistakes. If you note any inconsistencies or mistakes, no matter how minor, you need to dispute such. One in every 5 consumers will have an error in their credit report which means you cannot improve your credit score when you keep ignoring your credit report.

Also, ensure you have ordered your credit reports from all the three major credit bureaus and review them for mistakes. Each credit bureau works independently in collecting and reporting credit information. Thus, getting your credit report from just one of them will not give you the whole picture as far as your credit score and history goes. Mistakes such as duplicate entries, credit lines you didn't apply for, incorrect addresses or names and incorrect account status are quite common. They also do a lot of damage to your credit score hence the need to dispute them immediately.

Pay down your debt

After updating your credit report and getting all errors removed you should move on to reduce your debt. Your debt-to-income ratio matters a lot when lenders are reviewing your mortgage application. The ratio determines how much income you have to spend on paying back debts. The more debt you pay off the better your debt-to-income ratio. The DTI will not have a direct effect on your credit score but paying down any outstanding debt will. The credit utilization ratio will make up 30% of your FICO score.

Apply for a credit limit increase

You can instantly improve your credit score by getting a credit limit increase. It won't affect your DTI    but it does lower your credit utilization. It's a simple process and your request may even be approved immediately. However, some credit card companies will have to run a credit check before approving the credit limit increase. A hard inquiry can lower your credit score but if done just once the effect will be negligible. However, ensure your credit has not been going downward since you opened the credit card account. In such a case, the limit might even be lowered.

Be an authorized user on someone else's credit card

You can ask to be an authorized user on someone else's credit card in which case your credit score will improve immediately. However, this only applies if the other person has a good credit history. Otherwise, you'll end up hurting your credit score even further. You can ask a member of your family or even a close friend.

Remember that whatever anyone linked to the credit card account does is reported on both people's credit reports. Therefore, only ask such favor from people who are financially responsible. The better part of this arrangement is that you don't even have to use the credit card or even get information on the account. Whatever the primary account holder does will automatically transfer to you as well.

Get a credit-builder loan

To diversify your credit mix you can apply for a credit-builder loan. The types of credit you have will make up 15% of your FICO score. If you have several you can bump up your credit score. These credit-builder loans can be as low as $1,000. However, they are different from the traditional loans in that the lender will just deposit the amount in your locked savings account. You won't be able to access this loan for 6-24 months and in this time you are required to pay off the loan. After you have cleared the loan, the accumulated money will be returned to you in full. The best part is that a credit inquiry won't be necessary to get the loan. Just an evaluation of your banking history will be enough.

Request for a rapid rescore

After doing your best to repair your credit you want to ensure your efforts are reflected in your credit history. That's why you should request for a rapid rescore. This means your credit reports will be updated quickly(it will take less than a week). The new score will be favorable if your efforts have been successful. It is a much quicker way to see a positive change on your credit score as opposed to waiting for months to have the changes made. Not all lenders offer this option but there is no harm in asking.

Get a secured credit card

It is not easy to get the average credit card when your credit score is low but you can go for a secured credit card instead. In this case, you make a deposit of $200 or more with the issuing bank. The amount deposited will typically be equal to your credit limit. Ensure you pay off the balance in full every month. This builds your credit and you won't be paying any interest on the same. However, ensure the credit card company reports to all three credit bureaus.

Conclusion

When you start saving for a house deposit you should also start fixing your credit score. Getting started a year before the due date or earlier will give you plenty of time to fix your credit so that you can get favorable terms when you apply for a mortgage loan. A good credit score will also help in other purchases or loan applications besides buying a house.

With two months of 2023 in the books, trends in Central Oregon real estate are becoming easier to identify. One trend, rising mortgage interest rates, remained stable since last week, with the national average for a 30-year fixed-rate mortgage at 6.85%. A big part of the recent rate spike has more to do with the Fed's hawkish tone regarding future rate hikes than the hikes themselves. Whether or not rates today reflect a reset that calculates for further Federal Reserve rate increases remains unknown. However, looking back at the behaviors of the mortgage markets over the last several months, there may be resistance to breaking the 7% threshold. Seventeen of the sixty-one sales (27.87%) in Deschutes County over the previous week were cash deals, with thirty-eight (62.29%) using conventional financing, two FHA loans, one VA loan, and one seller-financed. Higher rates have not slowed down Deschutes County buyers. 

The median sale price in Deschutes County last week was 600k and an average of 734k, in line with what we've seen over the previous several weeks. Remember that the weekly median sale price reflects the particular homes sold and changes dramatically weekly. For example, of the 355 homes sold since January 1, 2023, the median sale price is 620k.

Inventory levels are proving to be more important than higher mortgage rates. This week Deschutes County actively listed single-family homes dropped twenty-nine to 485, the first time below 500 since May 11, 2022, when inventory was at 481 and rising. Last year we reached the low of available houses in April, and with continued strong buyer demand, it appears we still haven't hit bottom. Last year from January 1 through March 1, there were 592 sold homes compared with this year's 355, showing a lack of listings and not excessive buyer demand. For reference, in the first two months of 2019, there were 480 sales. So while higher mortgage rates may not deter all buyers, they seem to keep more sellers on the sidelines. Moreover, this morning's available homes for sale are 27.5% lower than at the end of 2022. As a result, it is appearing less and less likely that there will be a spike in inventory during the first half of 2023. 

In addition to all of the data above, in my local Realtor forums, there has been a noticeable increase in agents seeking properties on behalf of their clients. A large pool of qualified buyers appears to be actively looking for their perfect home. It isn't a stretch to anticipate multiple offer scenarios becoming more common if more homes are not available by the start of the second quarter. In addition, I talk to out-of-town buyers daily, and people's reasons for relocating here have not diminished. Unfortunately for buyers, nothing in the data so far indicates prices will decline significantly. 

Using Deschutes County single-family homes as a baseline provides a solid market view. Although, every situation and price point has its nuance. Please let me know if I can help you decide if buying or selling in today's market suits you. Or, use the tools on my website for a snapshot view. Lately, I've seen an increase in owners using the home valuation tool on EnjoyBendLife.com, and in most cases, realistic values are towards the higher end of the given range. I am happy to run a specific market analysis if you need more than what this valuable tool provides. 

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Bend has been one of the fastest-growing cities in the nation for a while now, with so much to offer as a hometown in Central Oregon. Keep reading for 3 types of people who would love living in Bend to help you figure out if this is the right place for you to call home.

Ready to begin looking for homes for sale in Bend? We can help you find the right spot for you, with a wide range of housing options to choose from. Contact us any time to learn more.

In addition to being one of the most beautiful places to live in Oregon and offering an impressive food scene, Bend is the perfect hometown for these three types of people.

1. Anyone who loves to be outside

The location of Bend makes it a paradise for lovers of the outdoors, with access to just about every type of outdoor recreation within a short drive from home. You will find virtually endless hiking trails near Bend, whether you are looking for a quick hike on a Saturday morning or a challenging trek to embark on all day.

With Mt. Bachelor and The Three Sisters just outside of town, you will find all the mountain biking trails you want, in addition to skiing and snowboarding for all levels during the winter. Don't forget the Deschutes River and many lakes in the area are perfect for water sports and fishing.

Whether you already have a beloved outdoor recreation hobby or not, living in Bend will allow you the opportunity to spend more time outside all year long. The community is filled with like-minded people to share their favorite spots, making it easy to connect with new friends.

2. Dog lovers

Bend is a dog-friendly city, perfect for households where the pup is part of the family. In fact, Dogster even named Bend the most dog-friendly city in the world in 2017. You will find many businesses and restaurants that are dog-friendly, welcoming your pup to join you for your morning coffee or date night.

There are also over 50 miles of urban trails you can explore with your dog, as well as an abundance of off =-leash areas and dock parks throughout the city.

3. Families with young kids

If you are looking for a place to settle down and raise a family, Bend is an ideal choice. There are plenty of things to do with kids in Bend, and the low crime rates and high quality schools don't hurt, either. You will find many neighborhoods in Bend that are designed with families in mind, featuring playgrounds, quick access to schools, and a safe and friendly environment.

Check out this list of fun things to do with kids near Bend to get an idea of the kind of lifestyle Bend families can enjoy. For many families, Bend checks off all the major items on a wish list for a new hometown.

To learn more about homes for sale in Bend, contact us any time.

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There is no getting around the significant rise in mortgage interest rates of late, with yesterday's 30-year average fixed-rate at 6.87%. As a result, many potential sellers and buyers are on the sidelines because of this one metric. However, it would be a mistake to assume the market is slowing. While it is possible that a slowdown will occur, over the previous week, a whopping eighty-five single-family homes were placed under contract in Deschutes County, up from last week's fifty-one. The pending sales were the highest since September 7, 2022, and I checked my inputs twice to ensure it wasn't an error. 

The inventory of actively listed homes dropped to 514 from last week's 522, a sign that new listings are keeping pace with sales. In addition, the pending home sales days on the market declined from last week's recent low to eight median days on the market. The last time the days on the market were this low was June 15, 2022. These are impressively solid numbers for this week. Of course, one week does not make a trend, but all early indications for the first several weeks of 2023 have shown strong buyer demand. The median sale price was 637k, with the median price of actively listed homes at 700k. The median price reduction for pending sales was -5.41%, and the sold reduction was -6.48%. The decline in days listed for pending sales shows that sellers have found the correct pricing for today's market to entice buyers to take action. 

Nearly every day, I talk to buyers waiting for market conditions to change, and if you are on a long time horizon and not prepared to buy today, I understand sitting back. However, the Case-Schiller Home Price Index shows that waiting has not worked. Demographics in Central Oregon are shifting, and the volume of qualified buyers engaging the market keeps prices firm. Although, many sellers are willing to come down on price somewhat to make a deal. Unfortunately for buyers squeezed on affordability, the price decreases are modest. 

I've speculated that mortgage interest rates would be in the high 5% range for peak summer, but after the recent rate spike, I may have missed that call. With signs of strength in the economy and entrenched inflation, expect more Fed rate increases over the first half of 2022. Although, for the steady flow of people relocating to Central Oregon, market conditions matter very little. I likely sound like a broken record, but taking action on a home that fits your needs and budget is wise if buying a home in Central Oregon is in your plans.

What happens after the sale significantly impacts whether listing makes sense for sellers. Even a move within Central Oregon is worth considering with today's strong buyer demand. If moving out of the area is your goal, listing today puts you in a great position to maximize your price. Please use the tools on my website to learn about the market, and call me when you need my educated opinion. My data and research are unparalleled, and I look forward to helping however possible.

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Increased activity from buyers shows in the number of days it takes before a home secures a contract, and over the previous week, the median days for pending sales was twenty-two, the lowest since October. Pending sales were fifty-one, and the median price of the pending properties was $649,999. Inventory increased by twelve to 522 as sellers are begging to re-engage the market. While multiple offers may not be typical, in many cases, numerous buyers are considering a home, and the mere presence of potentially competing offers has electrified the buying process in many situations. As a result, home inventory may begin slowly growing, but the market is still much smaller than an average year, creating more competition between buyers. However, last year's available homes for sale peaked at 972 in August. Whether we reach 2022's volume of homes for sale and when is anyone's guess, although we are starting the year with more than two-hundred additional listings comparatively. 

I have mentioned many times that the Federal Reserve does not set mortgage rates, but rising rates and a volatile stock market create a volatile mortgage market. With yesterday's Consumer Price Index coming in at a hotter-than-expected 6.4%, mortgage rates continued a recent spike, with yesterday's national average for a 30-year fixed-rate mortgage at 6.62%. Higher mortgage rates keep many potential sellers on the sidelines, although the sellers actively listing homes are more inclined to offer seller credits towards an interest rate buy down, accept a lower offer or both. For many buyers, finding the right home is the more difficult task. Today's market does not indicate what will happen next, and it is difficult to predict if better options will be available as the season progresses. However, when the right home comes along, taking action is a wise choice if settling down in Central Oregon is your goal. 

Many of the subdivisions and neighborhoods in Central Oregon have no active listings, making the process difficult for buyers to determine pricing in a given area. Now, search results on EnjoyBendLife.com have active and sold listings for each subdivision page, providing the information you need to evaluate your options. However, low inventory is a fact of the market for the foreseeable future, and access to data is critical. Each listing has a link to view the property on a map, or you can conduct a map-based search from the advanced search tool accessed from the main menu bar in the upper right corner of every page. Remember, all the listings on my website update every fifteen minutes, so you can stay on top of the market!

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