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Would You Buy a Home Without Stepping Foot Inside?

Technology is Helping Buyers Navigate the Home Search Process

Whether it’s out of necessity or out of convenience, more home buyers these days are taking advantage of technological developments to advance the homebuying process. While there is still no substitute for touring a home in person, a recent realtor.com survey revealed that today’s technological alternatives have improved to the point where many would consider purchasing the home in certain circumstances without seeing it in person.

Younger demographics and renters feel more comfortable moving sight unseen

While the majority of people still want to see a home in person before making a purchase, that sentiment is shifting. With access to accurate listing data, detailed photos, virtual and live video tours, 24% of people say they would be willing to buy a home without seeing it in person and 30% would be willing to rent one. With younger demographics generally being more active with video, those numbers rise to 29% willing to buy and 34% willing to rent

With increasing limitations around social interactions and open houses, buying and selling homes is becoming more difficult and agents are needing to adjust. According to Nate Johnson, CMO at realtor.com:

“As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward.”

Of course, accurate and detailed information about the listing and the neighborhood, and high-quality photos are always important to potential homebuyers. But when deciding on a new home without seeing it, 61% said they would insist on taking a virtual tour of the home, while 39% said they would settle for having the agent or landlord walk them through the property via video chat.

No matter how you look at it, times are changing rapidly in the real estate industry and realtors are adjusting quickly to the new order.

Some information provided by PRNewswire — Realtor.com, April 16, 2020.

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Duke Warner Trend Report for April 2020

With Summer right around the corner, now is the perfect time to review the latest data on home purchasing trends in Central Oregon. The weekend family drive often takes potential homebuyers into neighborhoods in the surrounding areas. As we continue to monitor the COVID related changes to our community, we want to put everyone’s mind at ease and realize the housing market is still doing exceptionally well and you can depend on Duke Warner Realty to deliver the most recent data as it pertains to real estate in Central Oregon. Our monthly Trend Reports offer valuable insights by reviewing last month’s market activity and delivering the most accurate statistics we can, based on our research. The information we provide is intended be an informative resource for any future trends in real estate. As we anticipate a strong May and move into the summer month of June here are our latest findings.

May 1st Inventory and Looking Ahead

More active listings were implemented in April vs. March with 446 active and 193 new listings in the Bend market with a wide range of pricing provides a pleasant variety of homes for those looking to purchase a new home this summer. Closing out the month of April proved the number of active listings for Bend increased from month-end in March which was listed at 375. March had a slight increase over April for new listings coming in at 244 vs. 193. Based on past trend data we are right on par for this time of year. Redmond’s active listings, as of May 1st showed an increase from 178 homes overall in March to 215 active listings. As well as the Bend market the number of new listings in Redmond as of May 1st declined slightly to 83 vs. March’s 134. The count for both Bend and Redmond remained consistent in April and as we move through May we are seeing the combined active listings for Central Oregon increased to 661 homes.

Month-end April statistics for the Redmond market show us 79 homes sold, 83 new homes on the market and 73 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing an increase from last month to 90 homes. The $225,000 – $325,000 also had a jump to 41 active listings, the $425,000 – $525,000 range also continued to increase to 42 active listings, and the $525,000 & up price range climbed up to 39 active listings.

For Bend, the numbers in April had a noticeable increase in active listings for the entire first quarter of 2020. There was a marginal decrease in new listings for February and March but increased from January new listings. There was a jump to 12 active listings in the $225,000-$325,000 range, a sizeable jump to 101 in the $325,100-$425,000 range, another large increase of 76 in the $425,100 -$525,000 range and an increase to 51 in the $525,100 – $625,000 price range. The $625,000 – $725,000 had 43 active listings, the $725,000 – $825,000 had 45 actives and the $825,000 – $925,000 showed 31 active homes listed. As you can see from our Market Trend Report, there were homes available in the higher price ranges as well, showing more homes listed in the $925,100 & up price range jumping to 87.

In our Central Oregon real estate market, buyers often look for competitive pricing as they consider properties. With interest rates the lowest we have seen in decades, now if the perfect time to buy or sell your home. Whether you are buying or selling your home, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their variety of experience, excitement, and deep market knowledge while they work for you.

Sold and Pending Listings 

In April, Bend had 141 pending homes and Redmond had 73. These numbers remain consistent and tell us both buyers AND sellers are competing for available properties. For sold listings in Redmond, there were 93 in March and 79 in April. In Bend, there were 189 sold listings in March and 171 in April.

Looking Ahead

As we look ahead to the summer real estate market, we want to remind you that our team of real estate experts are always available and happy to help guide you in the home buying and selling journey. With record low interest rates and a variety of homes from which to choose, Central Oregon is a beautiful place to call home and establish roots. Whether you are buying for the first time, upgrading, downsizing, the Central Oregon real estate market has the perfect home for everyone. As you consider your housing needs, start to plan and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our wonderful team knows how to price properties according to the market trends, and our love of the industry is reflected in our willingness to work hard for our clients.

Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

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U.S. Home Ownership Rate Rises to Highest Point in Eight Years

The great American dream of home ownership is alive and well. The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States.

After declining to a 25-year low of 63.5% in 2016, the results indicate that the U.S. Homeownership rate increased to 65.3% for the first quarter of 2020, a level last seen in 2012.

With current social conditions, Homeownership will most likely reflect a whole new way of life that has puts a premium on spending time at home and having the security that comes that comes with having a safe place for our families to live. Add to that some of the most attractive home mortgage rates of all time, and it’s easy to see why the numbers should continue to grow for the foreseeable future. Yet they still have a long way to reach this century’s high point of 69.1% in late 2004

The Bottom Line

If you’re considering buying a home, there’s no better time to connect with a professional at Duke Warner Realty to set a plan that can help you get one step closer to achieving your dream.

Why is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”

The NAHB also emphasizes the year-over-year increase in each generational group:

“The homeownership rates among all age groups increased in the first quarter 2020. Households under 35, mostly first-time homebuyers, registered the largest gains, with the homeownership rate up 1.9 percentage points from a year ago. Households ages 35-44 experienced a 1.2 percentage points gain, followed by the 55-64 age group (a 0.9 percentage point increase), the 45-54 age group (a 0.8 percentage point gain), and the 65+ group age (up by 0.2 percentage point).” (See chart below):