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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):

 

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Duke Warner Trend Report for March 2020

Spring has arrived in Central Oregon and many residents have taken this time to get outside and enjoy the beauty that surrounds us here in the high Cascades. As we navigate the sudden changes in our community, with the COVID-19 virus at the top of everyone’s list of concerns, we continue to want to update our loyal followers with the market trends. 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 share can be an informative resource for any future trends you might see as we finish out April and head into May.

April 1st Inventory and March Activity

With 330 active listings as of April 1st, the Bend market has a nice variety of homes for those looking to buy. The number of active listings for Bend increased from last month, which is on-trend for this time of year, according to years past. Redmond’s active listings, as of April 1st, showed 164 homes overall. The numbers for both Bend and Redmond remained consistent in March and as we head into April, we are seeing the combined active listings for Central Oregon at 494 homes.

March numbers for the Redmond market show us 93 homes sold, 135 new homes on the market and 111 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing 44. The $225,000 – $325,000 had 18 active listings, the $425,000 – $525,000 range had 26 actives, and the $525,000 & up price range showed 32 active listings.

For Bend, the numbers in March looked much like January and February. There were 2 active listings in the $225,000-$325,000 range, 43 in the $325,100-$425,000 range, 36 in the $425,100 -$525,000 range and 21 in the $525,100 – $625,000 price range. The $625,000 – $725,000 had 29 active listings, the $725,000 – $825,000 had 15 actives and the $825,000 – $925,000 showed 24 active homes listed. As you can see from our Market Trend Report, there were homes available in the higher price ranges as well, showing 60 homes in the $925,100 & up price range.

In our Central Oregon real estate market, buyers often look for competitive pricing as they consider properties. If you are selling your home and trying to price your property, 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 March, Bend had 187 pending homes and Redmond had 111. These numbers remain consistent and tell us both buyers AND sellers are competing for available properties. For sold listings in Bend, there were 127 in February and 187 in March. In Redmond, we saw 52 sold listings in February and 93 in March.

Looking Ahead          

As we embrace Spring 2020 and the plethora of changes due to the COVID virus, 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. Central Oregon is a beautiful place to live and no matter what stage of life you are in, there is something for everyone in the real estate market. 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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Three Tips to Keep Your Home Clean and Healthy

As the month of March wears on, COVID-19 continues to tighten its grip on the world as more and more countries report their first cases of the novel virus. Drastic measures have been taken to slow its spread, from the cancellation of major sport seasons to hundreds of colleges shutting down, but new cases continue to pop up in the United States at an exponential speed. While the virus does not pose any major threats to the majority of the population, it’s vital that everyone takes certain precautions to prevent the disease’s spread. Consider the following suggestions to keep your home sanitary and your family healthy.

1.) Pull out the disinfectant wipes

One of the best ways to keep your home clean is to use disinfectant wipes — a lot of disinfectant wipes. Your hands touch hundreds of surfaces a day and spread germs between all of them, so the best way to keep those germs from spreading in your house is to routinely disinfect. Wiping down the surfaces in your home once or twice a day should normally be enough, but in the midst of a viral pandemic, it wouldn’t hurt to wipe everything down a little more often.

2.) Bleach the floors

Perhaps the only part of your body that collects more germs throughout the day than your hands is the bottom of your shoes. At the very least, you should stop wearing your shoes in the house if you haven’t already. From there, make sure to clean your floors with a mixture of bleach and water. If you’re cleaning hardwood floors, though, make sure to use vinegar instead of bleach so you don’t damage the flooring.

3.) Pour up some hydrogen peroxide

One of the most effective ways to kill rhinoviruses — or deactivate them since viruses aren’t technically alive — is to use hydrogen peroxide. Pour some of the liquid onto your bathroom or kitchen surfaces and let it sit for 15 minutes to maximize its effects. At the end of the 15 minutes, all you have to do is scrub down the area and rinse it with some water. 

By following these three tips, you will be able to keep your home clean and safe as a sanitary haven. Remember that following suggestions like these aren’t only important to prevent getting a disease yourself, but also to limit the spread to other people who might be more susceptible.

 

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Duke Warner Trend Report for February 2020

Duke Warner Trend Report for February 2020

Looking back to this time last year, we are seeing similar trends with the active real estate market here 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 share can be an informative resource for any future trends you might see as we finish out March and head into April.

March 1st Inventory and February Activity

With 230 active listings as of March 1st, the Bend market has a nice variety of homes for those looking to buy. The number of active listings dropped in February, but that is on-trend for this time of year, and as the weather starts to warm up, we will most likely see those numbers start to increase. Redmond’s active listings, as of March 1st, showed 120 homes overall. History tells us that the numbers for both Bend and Redmond are both consistent and expected for this time of year. As we head into March, we are seeing the combined active listings for Central Oregon at 350 homes.

February numbers increased for the Redmond market, showing us 52 homes sold, 107 new homes on the market and 109 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing 40. The $225,000 – $325,000 had 28 active listings, the $425,000 – $525,000 range had 22 actives, and the $525,000 & up price range showed 32 active listings.

For Bend, there were 3 active listings in the $225,000-$325,000 range, 51 in the $325,100-$425,000 range, 39 in the $425,100 -$525,000 range and 31 in the $525,100 – $625,000 price range. The $625,000 – $725,000 had 24 active listings, the $725,000 – $825,000 had 17 actives and the $825,000 – $925,000 showed 23 active homes listed. As you can see from our Market Trend Report, there were homes available in the higher price ranges as well, showing 58 homes in the $925,100 & up price range.

In our Central Oregon real estate market, buyers often look for competitive pricing as they consider properties. If you are selling your home and trying to price your property, 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 February, Bend had 233 pending homes and Redmond had 109. These numbers increased from January and that increase tells us both buyers AND sellers are active in the market. For sold listings in Bend, there were 135 in January and 127 in February. In Redmond, we saw 70 in January and 52 in February.

Looking Ahead          

As we approach Spring 2020, 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. Central Oregon is a beautiful place to live and no matter what stage of life you are in, there is something for everyone in the real estate market. 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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Topics to Address With Your Realtor

We understand that finding a realtor that understands exactly what you’re looking for in a property can be a challenge. Make sure you schedule a meeting and sit down with your broker, so that you do understand each other. It’s important to make a list of the features of a home that you can’t live without, that you would prefer, and things that you don’t want in your ideal home. Take the time to sit down and go over what they should know and what your top priorities are. If your broker understands your needs, wants and dislikes, they’re much more likely to find the perfect property for you, and not waste time showing listings that you’re not interested in.

Location, Location, Location

It can be easy to forget when house hunting, but where you buy a house in most areas determines where your kids go to school. If you have a preference over the schools in the area that you’re looking to buy in, it’s important to tell your broker that. Even if you don’t currently have kids, it’s still something important to consider.

If having easy access to amenities, like grocery stores, theaters, shopping, restaurants, etc. is important to you, your broker needs to know that. It’s important for your broker to understand whether you want to be within walking or driving distance from cultural centers like this. If this is a like, but not a requirement it could influence the listings your broker wants to show.

How is it Heated?

Something that can easily be forgotten when house hunting is how a home is heated. If the way a home is heated is something that truly matters, let your broker know. This may make a difference if you’re looking for properties in a colder or warmer climate. If you have a preferred method of heating, especially if it’s a deal breaker, tell your broker.  Be sure to check the heating system in place before you make an offer, or you could wind up with an expensive home to heat.

Design Layout for Ease & Comfort

Design and layout are important for many people when they are house hunting. If layout is a top priority, whether you have a specific need or you just prefer certain styles, your broker needs to know. They need to know if you want to look at split level homes, or if you only want to see single level homes. If you want an open floor plan, a formal dining room, etc. your broker can show you properties that pertain to your wants and needs, if they know what they are.

Sitting down with your agent and mapping out specifics will save you a lot of time. For example, if you only want to view urban homes, or stick to rural areas that fit your family’s needs, if a pool is a must, your agent needs to know. Consider your lifestyle, imagine yourself and your family in your day to day and decide what part of town works to best support the way you live. Giving your agent these insights will help narrow down your search and hone in on the perfect property to fit your needs.

Things to Consider

When discussing your price range with your agent, let them know which things you’re willing to pay more for and which things you are willing to sacrifice. If your budget doesn’t have any wiggle room, they should know this from the start. If they find you a home with everything that you want, but it’s out of your price range, your broker needs to know where you draw the line. Make a list of your wants, needs and ideals, so your broker understands what your goals and limits are for your home search. Reach out to the Duke Warner broker you trust most, and discuss what you want in a dream property or home. Feel free to give us a call at 541.382.8262 or check us out online at https://www.dukewarner.com/.