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July Real Estate Forecast shows a highly active Summer market

The height of summer is here and the number of available listings proves that it’s been a busy summer for Bend Oregon Realtors. With things climbing in the market, like number of active listings, and the highest median home price in Bend has seen in the past 10 years, it’s been an active couple of months.

High Inventory

While it’s known that the summer months are typically the most active, this summer in the Central Oregon Real Estate Market has been highly active. The number of available listings grew from 442 to 570 in July, which goes to show that summer sales are in full swing. Everyone is getting their property listed, which means that it has officially become a buyer’s market. At the beginning of August, the number of listings has grown to 638, showing even more growth since the end of July.

Buyers can pick and choose the properties they want to look at, as there are plenty of different options available right now. With the influx of listings, sellers have to be careful of pricing. Buyer’s will can find exactly what they’re looking for, at multiple price points, so it’s important to talk listing price with your Bend Oregon Realtor before listing your home. It’s important to price your listing competitively, and increase your chances of a fast sale in this sellers’ market.

Median Sales Price

For a few months before the boom of summer, the median sales price of homes in Bend was on a decline. But that ended in June, when the median sales price jumped to $409,000. This is a record high for the past 10 years, and the first time in 10 years that the median price has topped $400,000.

June’s median home price was 7.9 percent higher than May’s median price, which is the highest month-to-month price jump we’ve seen since 2011. The median is the middle number of all listing prices, and not the average number of prices, which means that the number isn’t being skewed by high end home prices.

Consistent Sold and Pending Listings

There have been very slight changes to the pending and sold number of properties from June to July. Sold properties only varied by 3, going from 246 in June to 243 in July. With a consistent number of pending sales from June to July, 259 to 246, it shows that buyers aren’t slowing down. Buyers are taking advantage of the available number of listings, and it’s showing in sales and pending sales.

Take Away

Now is a great time to start looking for the perfect home for you, with lots of different properties to look at, call your Bend Realtor now. Duke Warner is available to help you buy the perfect home, or get a property listed. Visit us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

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Location Vs. Space

When it comes to buying a home, the biggest debate almost always falls to what’s more important, location or space. While this is definitely a matter of budget, it’s important to consider the pros and cons of each. As your Bend Oregon Realtors, we’re here to break it down for you.

Location

For many the location of a future home has a lot to do with family. If you have children you want to be near good schools, parks, and in a good neighborhood. If you don’t have children, you might desire to be closer to different amenities, like shopping or restaurants. If you’re in between perhaps you’re planning ahead and want a different space to grow into.

If you’re looking with a family it can be hard to find the home of your dreams while still being close to the amenities you desire. Many new homes that are built have much smaller living spaces and bedrooms, which can put some buyers off that are looking for more space.

Size

As homes get smaller, so that developers can fit more homes in, size is becoming much more important than location. New build homes are getting close to half the size of homes build in the 50s. Three-bedroom homes are no longer a big three bedrooms, they feature two small bedrooms, and one smaller room that can function as a small office, but is legally defined as a bedroom. Two-bedroom homes are now more like one bedroom, with a small office. With a growing population in most areas, and especially in the Central Oregon Real Estate Market, size is now a hot commodity.

Finding the perfect location is still important to buyers, but the need for enough space is now overwhelmingly more important. In the great debate between location and space, location is now winning out, with many more buyers sacrificing their location needs in order to have more space to love comfortably enough.

Take Away

As the trend continues, the larger homes and properties with more space will become harder to find. Enlist the help of your Bend Oregon Realtor to find the perfect property before space is less common. When spacious homes become scarce, home buyers will turn to the location less and less.

Either way you get onto the property ladder is recommended. If you buy the property of your dreams but outside of the location you desire, or a small home close to everything you want, you’re still becoming a property owner. Call Duke Warner today if you have questions about how location vs. size could impact your house hunt in Central Oregon. Our Bend Realtors are ready to help find what’s best for you.

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Eclipse Preparedness: What you Need to Know

The Total Solar Eclipse is right around the corner, and soon we’ll start to see tourists pouring into Central Oregon. Madras will take the brunt of influx but we will definitely feel it here in Bend as well. There are an estimated 1 million visitors coming to Oregon alone to see the eclipse, and with Madras in the path of totality and named one of the best places in the country to see it, we’re going to get crowded. Here are some tips for surviving the eclipse and staying safe.

Prepare

You’ve heard it before and we’ll say it again: get stocked up. With the eclipse on Monday, Aug. 21, and the influx of people, you should be getting gas, groceries and all the essentials. Something most people may over look are prescriptions. If you take a daily prescription that you cannot live without, you should be checking how many you have left, and when you’ll be due for more. Be sure to get prescriptions filled before the Eclipse, and before the crush of people arrives in town.

Don’t forget your furry friends either. While you’re stocking up on food and water for your family, be sure to check and see if you have enough pet food to last through the eclipse.

Traffic

With all of the people coming to or through town, it’s important to note that getting anywhere quickly won’t be easy. If you’re planning to show your house, our tour around town to see available properties call you Bend Oregon Real Estate Agent and talk about rescheduling viewings, so it will be easier to get around town.

The advice that ODOT is giving is to leave for places early, and be prepared to stay there, and leave late. There will be traffic delays, backups and more. Check the ODOT traffic cams if you can, before you leave. Traffic is predicted to pick up on Thursday, August 17 the week before the eclipse, so be ready.

The Main Event

If you’re planning to enjoy the event, you’ll need viewing glasses. Sunglasses will not work, and the eclipse can harm your eyes, so it’s best to be sure you have proper eclipse eyewear. There are a few festivals that have been planned in the area in honor of the Eclipse, like the Oregon Solarfest in Madras.

However  you plan to spend Monday, August 21, be prepared for the unexpected, be prepared to wait, and be safe. If you need to, check in with the Central Oregon Emergency Information Network to stay up to date.