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Spring home improvement, for a Summer Sale

It’s been said that there are three things that influence a home sale at any time: location, price and condition. The condition that your home is in can really influence interest from prospective buyers, even if the things they notice are minor cosmetic changes. Here are some tips for smaller home improvement projects you can get started on now, if you’re planning to list your home this summer.

Front Walk

The front of your house can be the first thing that prospective buyers notice about your house. Some brokers think that prospective buyers decide within 60 seconds if they’re interested in a house or not. It’s important to spend time weeding, mowing the lawn, and taking care of your flower beds. If you don’t have any landscaping done, it might be time to consider some. Decide how much of an investment you want to make in your home, and perhaps hire a landscaper. While some people might like a blank canvas as far as landscaping is concerned, it might be a turn off for others. Talk to your Bend Oregon realtor and see what their opinion is. They’ll know what buyers are looking for and be able to advice you as to whether or not you’ll see a return on your investment.

Indoors

A great tip if you’re selling your home is to pare down your belongs. If you have a closet stuffed full of clothes, it will make your closet look smaller. If you’re planning a move, it’s already a great idea to start waning down the possessions you don’t need. Eliminate the clutter from your home, to make the spaces open up.

Something that most sellers don’t consider, is getting rid of unneeded furniture. It doesn’t matter whether you’re moving a long distance away or a short one; no one wants to move an unneeded couch or armchair twice. If you don’t need it, chances are it’s cluttering your house. Getting rid of extras like this will help the appeal of your home.

A simple paint job can work wonders on dark rooms or nooks within your home. Remove the clutter from reading nooks or corners, and paint them a brighter color to let more light in.

Clean your carpets, especially if you have pets. While you may not smell your pets’ scent in the rug, people walking through your home will. Invest in a carpet cleaner or rent one, and clean all of the rugs and carpets in your home. If you’re lucky enough to experience warmer weather, throw open the windows in your house and let the rugs air out as they dry. This is essential to any spring cleaning session, but will go a long way if you have prospective buyers walking through your home.

Small Repairs

It may be a good option to hire your own home inspector or to ask what it is specifically that they look for. Make sure your home is up to code. You wouldn’t want to lose an offer, just because you fail a portion of the inspection. It will inevitably cost you less to fix things before a home inspection, as you’ll have time on your side. You won’t be in such a rush to find the contractor that can do the job the quickest.

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February Real Estate Forecast shows a prolonged Seller’s Market in Central Oregon

The month of February was a highly active month, following a busy January. The number of active listings fell slightly, as did sold listings, but the number of pending sales continued to stay high, promising an active March.

Continued Seller’s Market

The number of active listings continued to fall through the month of February, going from 355 active listings in January to 324 listings in February. When you have a lower number of listings available in a market, it allows property owners to keep their prices higher, as other available or similar properties are more scarce. A lower inventory is still to be expected for this time of the year, before we make our way into warmer months and the active sales trends of spring.

Pending Sales

The number of pending sales is still relatively high, continued from an active January. In December, we experienced a high number of pending listings, especially for that time of year, coming in at 145. In January, pending sales climbed to a high of 185, and then fell slightly to 172 in February. Due to the number of existing pending sales at the end of February, we expect a higher number of closed sales in March.

Number of Sold properties

Completed sales stayed consistently high for this time of year, probably a symptom of the seller’s market in Central Oregon. The completion of pending sales from January, also contributed to a consistent number of sales, going from 130 in January to 128 in February.

Final Analysis

We expect to see more active listings in the market in the coming months. The best time to get a property listed is now. It’s the right time to have your listing featured with minimal competition from similar properties, before the sales of spring take off.

We would love to help you with buying or selling real estate. Visit us at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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The Strategy Behind Making an Offer

Looking at homes can be a really exciting time, but when it comes to making an offer things can get stressful if you don’t know what you’re doing or are unsure of what the best strategy is. We’ve broken down the strategy of making an offer, and included helpful tips and tricks in understanding the process.

Purchase Offers

Once you find a house that fits everything you’ve been looking for it’s time to make an offer. You will first need to make a purchase offer, or purchase agreement. This is essentially a letter of intent to purchase that property.  It’s a legal document that outlines the price that you’re willing to pay for the home, including how you plan to pay for it.

Most real estate brokers have pre-written templates of purchase offers, that are easy to update with the terms specific to your offer. The laws concerning purchase offers can vary by state, but typically are legally binding after the seller has accepted them. Purchase offers often include an earnest money deposit. This deposit shows the seller that you are serious about purchasing the home or property. In some cases, if the offer falls through the earnest money may not be refundable, but if the offer closes successfully, the earnest money is often credited toward closing costs.

Comparative Market Analysis

One of the best ways to make the strongest offer possible is to know what’s going on in the market around the property that you’re interested in. Ask your real estate broker to order a comparative market analysis, which will evaluate three recent sales of comparable properties in your desired properties’ area. It helps you to know what similar homes in a similar market are selling for, so you don’t over offer on an overpriced home. It helps you understand where the negotiation room is.

Time on Market

It’s important to consider how long a property has been on the market. If it’s been on the market for a long time, it shows that there has been little buyer interest in the property. This might indicate that it is over-priced, and that the owner might be more willing to accept a lower offer. If the home hasn’t been on the market for very long, and there seems to be a ton of interest, you may want to make an offer that is slightly above asking price.

Consider other offers that the owner may be receiving and talk to your real estate broker about what they would recommend. Brokers aren’t allowed to suggest asking prices, but they should give you recommendations and suggestions so that your offer is the strongest one. If you can try to learn about other offers on the property. Other purchase orders only become public record once the seller has accepted them.

The most important part of making an offer is to know everything you can about the seller and the available property. Once you do, you’re most likely to make an offer that they accept. Talk to your real estate broker for advice on individual listings and sellers, to see if they can help you send a winning offer.

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January Real Estate Forecast shows a strong start to the 2017 Central Oregon Real Estate Market

The beginning of 2017 showed a strong start to the year in real estate. January was a highly active month, with a lower number of active listings, and completed sales, but high number of pending sales, expected to finish in February.

Seller’s Market

 The number of active listings decreased in January, going from 402 to 355. Central Oregon is currently experiencing a strong seller’s market, with anticipated low inventory at this time of year. The low number of listings allow for property owners to take advantage of fewer competing properties. We predict that the seller’s market will continue for at least another month, before listings increase in anticipation of spring selling trends.

High Pending Sales

January was an exceptionally strong month for pending listings. In November and December, the number of pending listings were 156 and 145, respectively, which is high. The number of pending listings in January sky rocketed to 185. We expect these pending sales to complete in February, making February sold properties higher than previously anticipated. It shows that now is a great time to buy and that the Central Oregon Real Estate Market is still thriving through the winter months.

Average Completed Sales

Given the inclement weather in early January, a lower number of completed sales is to be expected. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be lower, dropping from 192 sold properties to 130 in January.

Final Analysis

The Central Oregon Real Estate market is expected to see a lot of traffic in the coming warmer months, as the Bend area is still experiencing continued interest. We’re predicting that fewer priced reductions will take place, as the low number of listings encourages more competition per property, and negates the need to price more competitively. With a strong seller’s market, now is the time to get a property listed. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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2017 Economic Outlook

Hello Central Oregonians,

Welcome to the new year! December closed out 2016 with a bang. Sales were up, home prices have seen record highs recently, all leading to a powerful seller’s market this winter.

The “Housing Bubble” of past markets is not what our area market is experiencing today.  The steady and strong market recovery over the last several years has resulted in the highest home prices within our market over the past decade.

Property inventories are very low at this time, even considering that, historically, winter months are the time of the year to expect a lower number of available properties.  There continues to be a healthy number of potential buyers looking for “the right property”. This time of year, is an optimal time for sellers to get their property on the market and take advantage of fewer competing properties.

Given the seller’s market and a consistent number of property sales in prior months, we expect to see an active beginning to 2017’s real estate market in Central Oregon. Due to increased continual interest in the Bend area, we expect to see fewer price reductions in the coming months as well.

Many ask us if we see a housing bubble happening in the future.  We don’t foresee housing prices dropping in the next couple of years. Housing prices in the area fell to their lowest point in 2010 and have been on the rise since. We expect a slow upward trend in the future.  Over the past year, home values have appreciated each month by slightly more than 1 percent.  All indications show a slower yet steady rise over the next two years.

Keeping track of the current real estate trends in Central Oregon, is our business at Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. We’re constantly analyzing local market trends to better help our prospective clients, buyers and sellers.

We’re already keeping an eye out for the trends of spring, and the coming warmer months. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at 541-382-8262.

Here’s to a wonderful year ahead,

Duke Warner Realty