My Weekly Central Oregon Real Estate Blog

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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Bend is a great place to raise a family, with plenty to do in a naturally beautiful setting. Whether it's a new construction home, a historic property with mature trees, or an affordable townhome or condo, Bend is an ideal place to invest in real estate in Central Oregon and put down roots with your family.

To learn more about homes for sale in Bend Oregon or choose the Bend neighborhood that is the ideal fit for your family, contact us any time.

Want to get to know the Bend area? One of the best ways is exploring this new hometown on a staycation. Consider some of these family-friendly activities to add to your staycation itinerary.

Wanderlust Tours

Book an adventure with Wanderlust Tours, who specialize in curating naturalist-guided experiences in Bend, Sunriver, and Sisters. Their tours have been a staple in the Bend community since 1993, offering adventures that include canoeing, kayaking, snowshoeing, caving, hiking, and more. If you want to get out and explore Central Oregon's lakes, rivers, cakes, and forests, but are not sure where to begin, this is an ideal place to start. Look through their variety of tours, ranging in length, difficulty level, and activities offered.

High Desert Museum

For one of the best places to learn about the culture, history, and wildlife of Central Oregon in Bend, take the whole family to the High Desert Museum. The museum features hands-on exhibits to help everyone learn more about the high desert, with over 100,000 square feet of indoor exhibits and art galleries, as well as special events and traveling exhibits throughout the year. Outside, you will find 135 acres to explore and you may even enjoy a wildlife sighting of creatures like river otters, porcupines, and raptors.

The museum is also filled with historical characters to help you learn more about the history of Central Oregon, a sawmill and ranch from 1904, and other unique experiences that will bring art, history, and science to life.

Hydrobike Rentals

Looking for something new to try on the water this summer? Rent a hydrobike from Central OR Hydrobikes. Perfect for all ages, this low impact outdoor recreation is a fun and unique way to explore. If you like biking on land, you might find you love it even more on the water!

Riverbend Park

Spend some time at the beautiful Riverbend Park in the heart of Bend, which offers access to the Deschutes River all year round. In the summer, launch your kayak or raft to float down the river or stay for a fun community event like a festival or concert. The park also features an off-leash dog area, access to multiple trailheads, conservation areas for wildlife, sprawling lawns, and miles of paved walking paths.

Bangers & Brews

Bangers & Brews has been a favorite Bend restaurant since its opening in 2017, a family-run and family-friendly sausage joint you won't want to miss. With two locations in Bend that are owned and operated by local family the Garcias, Bangers & Brews features an extensive beer list with something for everyone on tap, as well as house made sausages served with a variety of toppings and sides.

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

Image Rama, CC BY-SA 2.0 FR <https://creativecommons.org/licenses/by-sa/2.0/fr/deed.en>, via Wikimedia Commons

If you follow Central Oregon real estate, and this report in particular, you will see that different parts of the market have radically different market dynamics. If I were to report on Crook, Deschutes, Klamath, and Jefferson Counties as a monolithic market with combined statistics, it would smooth over the variances between the counties and paint a picture that is not reflective of what is happening in different communities. Imagine what is taking place with the national real estate reporting. The results are even more skewed when the statistics consider large metropolitan areas with smaller communities. I hear various opinions about where the real estate market is today based on national reporting that does not reflect Central Oregon. 

While the year is still new, trends take time to develop, and generally speaking, what has happened recently is a good indicator of what the market will look like in a couple of months. For example, last September, when mortgage rates spiked, sales declined, and the median price reduction of pending sales increased. I encouraged buyers to engage the market as it was clear sellers were looking to negotiate and were not as firm on price. On December 14, 2022, I reported a median price reduction of pending sales of -10.53%. Weekly pending sales in Deschutes County hit lows of twenty-nine during short, holiday-interrupted weeks, considerably less than year end 2021. However, since mid-January, buyers have re-engaged the market, and a new trend is emerging.

In Deschutes County last week, there were sixty-four pending sales, the highest number since November. Median days on the market dropped to twenty-nine, the lowest since October. Price decreases declined to -4.98%, and the active inventory dropped to 510 single-family homes in the county. The trend developing today is strong buyer demand, and low inventory, two factors that keep prices firm. Considering that available homes for sale are likely to decrease from the already low number, the trend of firm prices will continue. You don't have to go too many years back to see that today's mortgage interest rates are in line with norms of the past, even if they are higher than the last few years' historically manipulated lows. Not to mention that lenders have many loan options, and seller credits towards interest buy-downs are increasingly common. Despite tightening affordability for many, newly listed properties are moving quickly, and the spring season looks like it will be similar to the last couple of years. However, correct pricing is vital, and overpriced properties are lingering on the market. 

Even with sales at roughly 50% compared with this period at the start of 2022, without more inventory, there is no downward pressure on prices in Deschutes County. However, one area that has dropped prices more than average is new construction. There have been forty-seven sales of homes built in 2022 or later since the first of the year, with a median price reduction of -7.14%. As a point of reference, there were 76 sales of homes built in 2021 or later to start last year, at a median price of +2.04% ABOVE the asking price! While sellers generally keep raising prices until buyers retract, builders have the incentive to move inventory and are quicker to adjust to market conditions. Therefore, for those looking at newly built homes, now is an excellent time to be a buyer. 

With how the housing market has developed over the last three years, monthly payment is the most significant factor to keep in mind. Focusing on prices and mortgage rates keeps many buyers on the sidelines at a time when conditions are relatively favorable. There have been very few times in history when housing prices have declined significantly, and homes are typically a haven in recessions. A glance at the Case-Schiller home price index at the bottom of my Market Trends page clearly shows the trajectory of home prices over time. No matter your opinion on the housing market's future, the tools you need to evaluate are available at EnjoyBendLife.com. I am ready to run a detailed personal analysis for your needs, so please reach out anytime!

Sidenote: Pronghorn Resort changed its name to Juniper Preserve. The URL on my website remains the same, but the labeling has changed to reflect the resort's new name. I have both names referred to on my website where it is possible. 

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This week's inventory of single-family homes for sale in Deschutes County dropped to 521, down thirty-two from last week. While there were indications that active listings had reached a bottom, that proved incorrect. Predicting how low inventory will drop and when we will see the low point is impossible, but this market metric is a strong indicator of where home prices are heading for the spring and early summer. In September, when rates first spiked, price reductions jumped from the typical -5% range to six, seven, eight, and eventually -10.53% for pending sales on December 14, 2022. As rates moderated, now at 6.17%, the percentage price decreases have also declined, with this morning's median price decrease for the previous week at -5.13%. Not surprisingly, pending sales reached the highest level since November 2, 2022, at fifty-seven. Year-to-date sales decreased by 50% to 156 compared with 314 in 2022, indicating that sellers are sitting on the sidelines at the start of 2023. 

Expect the Federal Reserve to raise rates today by twenty-five basis points, the lowest increase since rate hikes began last year. I do not anticipate mortgage interest to be impacted much by today's rate increase. With the next Fed meeting scheduled on March 21, the mortgage markets might experience less volatility than in the past several weeks. As I predicted a few weeks ago, all signs point to rates in the high 5% range as we approach the summer selling season. While the buying frenzy of 2021 and 2022 may be behind us, with low inventory, moderate rates, and firm prices, the summer season may feel similar to the last couple of years for buyers. Multiple offers on a single property may be less prevalent, but expect well-priced homes to move quickly. 

Occasionally, people ask what I do as a real estate agent that is unique. As those reading this report regularly know, I strongly believe in staying current on data. I also believe in consistent communication, and both of those aspects are on display in this weekly report. Now, those attributes are conveyed to users of my website after the latest version went live earlier this week. Many of you have commented on the streamlined look, and I greatly appreciate your feedback! Now, market stats are on the home page for Central Oregon and the specific area pages like Bend, Redmond, Sisters, etc. Those stats are listed for the last 30 days and give you a quick, up-to-date snapshot of our Market. In addition, of course, Market Trend Reports are available from the menu tab on the top navigation bar, as well as Market Reports showing all of the active, pending, and sold data for any area you choose. Scrolling to the bottom of the home or an area page, you will find links to many of the most popular Market Reports, or click Market Reports from the menu tab to set your parameters. Each property detail page has a link to a map in addition to other helpful information. For specific search details, the Advanced Search accessed from the menu tab gives you the power to search any conceivable metric in the Central Oregon Multiple Listing Service. Also, check out the blog page for recent posts about the great restaurants in Bend, or some fun, kid-friendly activities happening in Redmond!

As always, I am available anytime you'd like my expert input on a search, pricing, or any particular real estate needs you have. Recently, I have been researching investment properties as well as residential. So if you need help finding a great property manager or calculating cap rates on a rental, I am here to help. So enjoy your property search, but most importantly, Enjoy Bend Life!

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Redmond is one of the best places to live in Central Oregon, just 25 minutes north of Bend. Not only is Redmond a great place to live if you enjoy a fun restaurant scene or just about any kind of outdoor recreation, but it's also a family-friendly hometown with plenty of fun things to do with kids.

If you are wondering if Redmond might be the right fit for you as you look for your new Central Oregon hometown, contact us! We would love to help you find that new home sweet home.

Looking for something fun to do with kids in Redmond? After you've explored the many fun parks and playgrounds in town, check out these ideas.

Redmond Caves

Not too far from downtown you will find the Redmond Caves Recreation Site, featuring five caves that were formed thousands of years ago by a collapsing lava tube. Three of the caves are large enough to walk in and explore, for a fun and thrilling family day out. Don't forget to bring multiple sources of light and wear sturdy shoes, making sure to save this outing for kids that can comfortably navigate bumpy terrain on their own. Pets are welcome in the park, but not inside the caves.

Redmond Bike Park

If your kids are budding cyclists or looking to work on their bike skills, they will love living in Redmond with a thriving bike community all around. At Redmond Bike Park you will find a pump track and three dirt-jump trails to keep the kids entertained and challenged for hours. Whether they are into BMX or mountain biking, Redmond Bike Park will be a home away from home with a convenient location just south of Hartman Park.

Crescent Moon Ranch

Just a few miles north of Redmond in Terrebonne is Crescent Moon Ranch, Oregon's premier alpaca destination. Surrounded by views of the Three Sisters, Mt Jefferson and Smith Rock, the ranch is a beautiful place to spend a day outside. Bring the kids to meet and pet these impossibly soft creatures, and you can even sign up to help feed them! If you visit in the spring, you might get to see some newborn alpacas, too. Explore the specialty shop on site to learn about all the goods that can be made from alpaca's amazing fiber.

High Desert Museum

Take a short drive, less than half an hour from most places in Redmond, to the High Desert Museum to explore fun hands on exhibits and learn more about the high desert. The museum features over 100,000 square feet of indoor exhibits and art galleries, as well as special events and traveling exhibits throughout the year. Outside, there are 135 acres to explore where you might catch an up close wildlife sighting of creatures like river otters, porcupines, and raptors.

The museum is also filled with historical characters you and the kids can interact with to learn more about the history of Central Oregon, a sawmill and ranch from 1904, and other unique experiences that will bring art, history, and science to life.

To learn more about living in Redmond, contact us any time.

Inventory of homes for sale in Deschutes County increased by one to 553 this week, indicating we may have witnessed the low point for 2023. While it is likely that the number will bounce around for the next several weeks, an inventory low in late January is more in line with typical years, another sign that the pandemic buying frenzy is behind us. Interstingly, the days on the market for sold homes dropped considerably to 26 from last week's 65. The drop in days a home sits before securing a contract indicates that sellers have priced their homes correctly and buyers are stepping up to purchase. However, the median price reduction of the sold properties last week was -11.14% showing that sellers were willing to accept offers below asking at the end of 2022. Contrast that with the pending median price reduction of -4.61% this week, and it appears sellers made more minor concessions.

Mortgage interest rates hit a recent low earlier in the week before increasing slightly to 6.21% for the 30-year fixed-rate national average yesterday. This week's data shows sellers returning to the market, most likely because of more moderate interest rates and solid buyer demand. Although, for buyers, a growing number of homes for sale could help keep prices in check, particularly if the market slows. Although buyers have been reasonably active to date, well-priced homes are selling. As I've mentioned, the next several weeks will set the tone for the summer. To date, all the data points towards solid buyer demand, and the recent mild weather makes viewing properties easy. However, while sellers may see a strong market, there are considerably fewer buyers to start 2023 than in 2022. Since the first of the year, there have been 111 sales of single-family homes in Deschutes County compared with 233 for the same period last year. The decrease in sales impacts the inventory of available homes more than anything and will be something to keep an eye on. 

Wednesday, February 1, the Fed is projected to raise rates again by 25 basis points, equal to the smallest increases since rates started rising last year. The mortgage markets may react to a more significant increase, but even a 50 basis point increase is unlikely to impact mortgage rates much. Not surprisingly, the best word describing mortgage rates this year is volatile, and keeping in close contact with your lender is critical as you navigate the home-buying process. I anticipate rates below 6% as we approach peak season and, in turn, reasonably strong buyer demand. Understandably, many buyers have felt the pinch of unaffordability from higher rates, but many loan programs can help. 2023 is shaping to be a more balanced year for Central Oregon real estate, but it still requires diligence to stay on top of prices and find the right home. Conditions will likely stay the same, and any home that is a good fit is worth considering, especially for unique properties in great locations. 

Website Update: For those actively searching properties on EnjoyBendLife.com, you might have noticed some minor changes or glitches. I've been working on a rollout of the newest version of my site to streamline your home searching experience. Once the new site is live, you'll notice some market data visible on property search pages, a cleaner format, and easier access to the data you need. Also, everything will be optimized for your mobile phone, making it easy to search from any device. Like my recent designation of Principal Broker, updating my website is part of my ongoing effort to improve the service I provide continuously. I know you have many options in the real estate industry, and I am honored that so many of you rely on my website and weekly report to stay on top of the market. Please reach out to me at any time for all of your real estate needs!

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