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Duke Trend Report for Bend and Redmond for August 2018

In August, we saw some of the highest numbers of active inventory in the Central Oregon Real Estate Market that we’ve seen in a while. This tells us that we can expect to see more market activity before we head into the colder, winter months. We head into Fall with the high numbers of active listings from August, as well as a steady number of new homes on the market.

Inventory         

The number of active listings grew from 522 in June, to 547 in July and grew even more to 634 in August. With the highest number of inventory Bend Oregon Realtors have seen in months, now is the time for buyers to find exactly what they want. While it seems that there are many properties to choose from, Bend Oregon Realtors are seeing lots of properties sell before even hitting the market. Most properties that go into pending sale have typically been on the market for less than two weeks.

The inventory of August was very similar to the inventory in August of 2017. August and the beginning of September has the highest active inventory we’ve seen all year. August showed fewer price reductions than in July whereas properties spent about the same amount of days on the market for both July and August.

It’s still important for home sellers to keep their pricing competitive. If choosing between your property and another that’s similar, buyers will choose the property that’s more competitively priced. Be sure to talk about your listing price with your Bend Realtor and be sure that it’s appropriate for the market.

Sold and Pending Listings stay consistent

The number of pending and sold listings increased in August, from July’s numbers, which is another way to see how busy the market is as we head into Fall. Staying consistent from June and July, pending listings rose from 240 in July to 257 in August, for the Bend market. In Redmond, we saw the number of pending homes at 100 in July and then increase to 110 in August. Sold listings in Redmond grew from 78 in July to 101 in the month of August. In the Bend market, we saw pending sales at 240 in July and 257 in August. Buyers still aren’t slowing down, and they’re taking advantage of the high number of listings to choose from.

Heading into Fall

As we head into the relief of cooler days (and hopefully less smoke in Central Oregon) we still expect to see a highly active market. With the high number of active listings, and the consistent sales numbers, we expect buyers to continue to find what they’re looking for. Get out and see what’s available for your budget, especially with price reductions at a seasonal high and low-interest rates.

Call your Bend Realtor and schedule an appointment if you’re interested in looking at properties. Duke Warner is available to help you buy the perfect home, or get a home listed. Visit us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

 

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Staying Organized During the Search

Fall and winter house shopping can be fun but also a very stressful time. It’s a very exciting time, looking at options for your potential future home. There are a lot of moving parts to house hunting, lots of paperwork to keep track of, finding the right agent or broker, getting pre-approved, finding properties within your budget, appraisals, etc. Here are some tips for keeping your house hunt as organized as possible.

Keeping House Options Organized

Touring all the open houses and available properties can get confusing and overwhelming. Properties can blend together in your mind and trying to keep important features of a home straight can also start to blur. Before you start your official hunt, it would be wise to sit down and list out all of the features you want in a home. It can be easy to visit a house and say this is perfect and forget that you’re missing out on key features that you really wanted in the first place. Take into consideration what all of the members of your family want in a home, backyard for the kids or pets, dual sinks in the master bath – whatever it is, list it out. Then narrow the list down to a top three to five. When you visit a property, compare it to your list of wants and needs. Make sure your broker knows what your top wants and needs are, so they can be sure to show you properties that align with your list. It can also help to make a comparison chart. Listing out what you want and comparing it with properties you’ve seen can help you stay on track. It can also help you keep track of properties you’ve seen, if you keep a running list or chart, and prevent them from running together.

Touring the Homes Available

It can be helpful to walk through a home more than once. Enjoy walking through the home the first time, take in the feel of the layout. Try not to get swept up in exciting features or other distracting things. On your second time through, using a slightly harsher lens, consider your list of desired features and think about if this home really has what you are looking for. It’s important to keep these things in mind, and not get swept up in dazzling features. It’s also important to note, that your first impression of the house, on your first walkthrough, can be the best indicator. Notice if it has what you’re looking for, but if your gut says no when you’re walking through a home, listen to that internal alarm. Even if this home has all the things on your desired list. Asking to take photos of a home that you like is never a bad idea. It may remind you why you liked the home in the first place. Taking a moment to visualize how you would use the space in the home to make it yours can also be helpful.

Keep Track of Each Home You Visit

Keeping track of the homes you liked and homes that you didn’t can make your house hunt less stressful. Keep in mind features that are deal breakers, things you want, and things you don’t. Consider the different neighborhoods the homes are in and decide which one fits for you and/or your family. Communication with your broker is key as well. Keep them in the loop as to what you like and what you didn’t. If they have all the tools they need from you, they should be able to produce a wonderful list of properties for you to look at. Don’t save any info on the houses that are definite no’s, that way you don’t add those properties to the possibilities list.

Some of the most important tips are to take your time, consider all the options and really try to imagine your own belongings and routines in each home that you are considering. Staying organized and deliberate will help you make your final decision and you will be happy with that final choice because you’ll know you’ve considered everything.