No Comments

What Market Trends mean for Buyers and Sellers

We’ve all heard about real estate market trends, but do you know how they directly impact you? Whether you’re buying or selling, trends will affect you differently. Learn about a few of the predicted trends of 2017 and how to navigate them.

Selling Quickly

Buying a home is getting faster. The average home stayed on the market for around 50 days in 2016, and we expect that it won’t get any slower here in Central Oregon. If you’re looking to sell your home, it’s better if you’re prepared to make a quick move. Years ago, you could put a house on the market and sit for months waiting for an offer. Now, if you’re listing a property, you should be ready to accept an offer and make a quick move. On the flip side, if you’re looking for homes, it’s best if you’re prepared to make a quick offer. In today’s market, you must be ready to move on a property or lose it.

First Time Homebuyers

This year has been predicted to be the year of the millennial. And with that comes more first-time homebuyers, and buyers that are younger. With the large mass of younger buyers, competition for properties might get stronger. Affordable starter homes will be a hot commodity, and will go pretty fast once listed.

Mortgage Rates

Mortgage rates can fall and rise, and they’ve been rising in 2017. When rates rise, it tends to mean that loans are more expensive. This can lead to a lower housing demand, which then turns around and raises homeownership.

Home Prices Rise

Home prices are expected to grow slowly as the year progresses. Price growth is great for current homeowners and investors, as their properties tend to increase in value. In some real estate markets, some home prices might expect to see a decrease in pricing, but only in higher level markets.

2017 Market

Just as predicted these factors are impacting the Central Oregon Real Estate Market. We can expect to see lower numbers of listings, as well as affordability issues caused by competitive buyers and offers. The current market benefits sellers as there are few listings, which drives higher pricing. However the market swings, it benefits someone, whether it’s a seller, or a first-time homebuyer. The good news is, the market is constantly changing.

No Comments

May Real Estate Forecast shows first time homebuyers driving pricing

Pricing in the Central Oregon real estate market is reaching record numbers, numbers we haven’t seen since the crash of the market. Pricing is growing each month, and several people are curious if we’re entering another housing bubble.

Housing bubbles are typically reached with faulty lending and speculation in the real estate market, amongst other things. The reason we know we’re not entering a bubble, is that the housing prices in Central Oregon are being driven up by sheer demand and competitive pricing.

First Time Homebuyers

With a high number of first time homebuyers, consisting of mostly millennials, affordable starter homes are selling quickly. Because we’re still experiencing a seller’s market, there aren’t as many available properties on the market, so when starter homes do become available, multiple offers are often received.

Given the low inventory, sellers are able to list their properties for higher prices. The market has sped up because of this. The time that properties are sitting on the market is decreasing. With offers being made quickly- properties are moving very fast.

Bend is a desirable place to live. Last summer we experienced lower than 1 percent vacancy in rental units, and our housing market is experiencing something similar to this at the moment. Typically, properties stay listed for a few months before a serious offer is made. This time has drastically decreased. The number of available properties has stayed consistent from spring, only growing from 308 in April to 337 in May and 442 as of June 1st.

Lower interest rates

While pricing may be high, interest rates on mortgages are at low. Average interest rates for a 30-year mortgages have dropped to 3.95 percent, which is an all-time calendar low. So even though pricing may be high, buyers are still feeling confident in the lower mortgage rates available, and offers are still being made.

National Real Estate Forecast

Nationally there has been a predicted rise in home prices of up to 4.9 percent. This figure doesn’t represent towns that are growing as rapidly as Bend. There’s a possibility that prices may increase in Bend, even more than the national average predicts.

If you’re looking to list a property in Central Oregon, or need help making a competitive offer, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

No Comments

Mini Home Makeovers to grab Buyer’s attention

If you’re getting ready to sell your home there are a few things that you need to do to get it ready for showings. Keeping your home clean is paramount, as it inspires buyers to see the space and not the mess. Keeping your home clear of clutter is another important thing. Some suggest moving out all extra furniture, so that buyers can see what the space is really like, and see it as more of an open space. There are other small things that you can do to your home to make it more attractive. Here’s a list of mini makeovers that will really grab their attention.

Artwork

You make have collected lots of artwork over the years, and while it may mean a lot to you, it might detract from a potential buyers’ vision of the property. Try to keep your art to a minimum, keeping the walls clean and nearly bare with a few statement pieces here and there.

Throw Pillows

Whether it’s on a bed, chair or couch, grabbing some brightly colored or patterned pillows can make a space look completely updated and bright. Don’t go overboard on color, but try to find something that will give the room a little pop.

Mirrors

Mirrors can be a great way of making a smaller space feel much bigger. Find the perfect mirrors to hang in your space. Be strategic about where you hang them, at the end of a hallway, on a long wall. Hang them wherever the space feels a bit small, and it will make it feel more open.

Rugs

Another great way to make a room feel bigger is adding the right rug. Black and white runs, typically in stripes, can make a room feel much larger. If you’re looking to add a little character to a room, try adding a fun colored patterned rug.

Indoor plants

Indoor plants are a great way to add some freshness to the inside of your home. Plants in the kitchen, bathroom and living room add a great clean touch. Try some strategically placed plants on kitchen counters, or islands, near the sink in the bathroom, or on the coffee table in the living room.

Front door

You always want to make sure your entryway is inviting. It’s the first thing a potential homebuyer will see, and you want to make sure it sets the tone for the showing. You want your entry way, front door and walkway to be clean and well taken care of. It tells the buyer how well you take care of the house, and what condition they can expect that it will be in.

Take away

There are a lot of small things that can really make a buyer feel at home. By doing these small things your property could make quite an impression on buyers. As Bend Oregon Realtors, we suggest you keep it clean and tidy, and freshen up your space with a mini makeover or two. And wait for the offers to flood in.

No Comments

Buying a Family Home: Things to Consider

If the time has come to buy the perfect home for your family, whether it’s new or simply growing, there are some important factors to consider before putting in an offer on a property. Here are our top tips for families looking for their next home.

Budget

While we know that budgeting for a home is hard, it’s important to consider all of the other things you need to budget for. Budget for your actual move. Moving vans can be expensive, whether you’re paying for weight or distance. Are you going to need new furniture when you move? That can add up and it’s important to budget that in before you make an offer on your dream property. If your dream home is a bit of a fixer upper, it’s also important to factor in your budget for renovations.

Size

If your family is growing, it’s important to consider how much space this home has. Will it allow your family to grow, or is it only perfect for right now? If you know your family will continue to grow, buy a house that will allow you to expand.

Does it have the backyard you’re wanting for the size of family you have? If you like to entertain, be sure to factor in how big the kitchen, dining room, or living room needs to be.

Neighborhood

It’s important to take note of the neighborhoods that you’re looking in. Is it new or old? They both have advantages. New neighborhoods typically see younger families moving in, but older neighborhoods they’re typically more established with more mature trees and parks. The con of older neighborhoods is that the houses may be older and require more work. With younger or newer areas, they may take time to grow trees, and build parks.

Take note of the neighborhood amenities. There may be trail systems, parks, shops or restaurants nearby. These are great things that can really improve the quality of a home. It’s also a good idea to note if there are busy roads close to the property. Does the neighborhood have good sidewalks and safe crosswalks? Take a look at these factors, as they’re easy to overlook when you fall in love with a property.

Location

What schools are closest to the new property? You may want to consider what school system you want to be in, and the house you buy could determine that. Another factor that some might forget to consider, is how close the property is to other amenities like grocery stores, restaurants, movie theaters, etc. If you want to be close to your place of work, know which neighborhoods you’re looking in and ask your Bend Oregon realtor to help you find a property that fits your needs..