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Buying a Home Near a School: Is it a Good Idea?

As you are searching for a new home to buy, you happen to see one that is perfect. It has everything you are looking for: a large outdoor space, plenty of bedrooms, and a newly updated kitchen. Yet the one thing you aren’t sure about is its location. The house is near a school, as you wonder whether buying the home here would be a good idea.

Homes Near Schools Offer a Range of Benefits

While you may be worried about having the occasional kid taking a shortcut through your yard to make it to school on time before the bell rings, having a house in walking distance to a school can offer advantages to you and your family. If you currently have children that will be attending, or will soon attend, the school, they will have an easy commute to get to the building.

Even if you don’t currently have children but plan to have them someday, buying a home in a school area will allow you to properly prepare for the day when you have kids. You don’t have to worry about finding a home later on as you will already be established in the neighborhood. Also, your neighbors and other people in the community will be there to help you out by offering you advice about the school and the activities they provide.

Advantages to People Who Don’t Plan on Having Families

Even if you don’t plan to have children, purchasing a home can be an ideal investment. If you are going to be living in the house only for 3 years to 5 years before selling it off, you can market the house to a larger selection of buyers. Home buyers who are looking for properties near a school will be more interested in your property than in others. You can make this into a great selling point in the home listings as you can appeal to families.

If you are searching for a home to purchase in a school area, you need to understand the school district boundary lines if there is more than one school nearby. This tactic will ensure that your child can go to the school of your choosing. Taking the chance of purchasing a home near a good school offers a range of benefits to you and your family, as you can find a wonderful place to live in and a place where your child can get a great education.

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January Real Estate Forecast shows an energetic start to the 2018 Central Oregon Real Estate Market

The beginning of 2018 showed a robust start to the year in real estate. January was a highly active month, with a higher number of active listings, a higher number of completed sales, a higher number of pending sales compared to January 2017, all  expected to close in February. All indications point to a strong spring in Bend.

Extremely Strong Seller’s Market

The number of active listings increased this January compared to 2017, going from 355 to 409. Central Oregon is currently experiencing a strong seller’s market, with anticipated inventory increasing in time for Spring Selling trends. Now is a great time for property owners to list their homes in order to have less spring competition by other home sellers entering the market.

High Pending Sales

January was an exceptionally strong month for pending listings with 207 this January vs. January 2017 with 185 pending. With the number of pending listings in January sky rocketing compared to the last few years, it’s fair to expect a chart topping spring season. We expect these pending sales to complete in February, making February sold properties higher than previously anticipated. It shows that now is a great time to buy and that the Central Oregon Real Estate Market is still thriving through the winter months.

Average Completed Sales

Given the mild winter weather we’ve experienced this January, a higher number of completed sales is to be expected with more buyers enticed to get out and about checking out neighborhoods, new construction, locations, etc. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be higher due to shoppers grabbing onto spring season thoughts earlier in the New Year.

Final Analysis

The Central Oregon Real Estate market is expected to see a lot of traffic in the coming warmer months, as the Bend area is still experiencing energetic interest. We’re predicting that fewer priced reductions will take place, as the low number of listings encourages more competition per property, and negates the need to price more competitively. With a strong seller’s market, now is the time to get a property listed. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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Keeping Organized Even When Searching For a New Home

When you are house searching, you will be overwhelmed with all of the information that the house seller and the realtor will provide to you. After you have seen multiple houses in one week, you can start to get confused on which house had the marble backsplash in the kitchen or the spa jets in the bathroom. In addition, you have to deal with getting all your pre-approval paperwork in order, house appraisal documents, and house listings you may have printed out the night before. Here are several tips to help you stay organized while looking at properties. 

Keeping Properties Straight After the Visit 

Are you the type of person that forgets what a property had after visiting it, or confusing one property for the next? One way to remember all the details in each house is to have a list that has the properties address on the top. This list will have all the things you are looking for in a home, and allow you to write down additional things that you loved or hated about the property. Then you can place a checkmark if the property meets your preferences. It is also ideal to take photos of the house regarding certain features. 

Creating a Filing System 

When you get home after visiting a house, you can place all the information you have for that property in a folder so you can later compare the house against other properties to narrow down your choices. Make a filing system to hold your photos and any brochures or additional information you may obtain from realtors. Then you can easily pull out the information and narrow down your house buying choices. In addition, you can make a spreadsheet or comparison chart where you can place in the property information to make it easier to see which houses met your preferences, and which ones fell short. 

Keep a Calendar for House Showings 

With the number of house showings that can pop up in a week, you can begin to lose track of which open house dates are nearing. Either use a paper calendar, or an online calendar, to track upcoming house showing dates so you don’t overbook your schedule where you are looking at several houses on one day. 

Looking at houses shouldn’t be a stressful or disorganized experience. Use the following tips to keep a better track of the houses you have seen, and the ones you will look at soon so you can find the perfect property for your needs. 

Call your Bend Oregon Realtor today.

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December Real Estate Forecast shows a hardy finale to a notably active year in the Central Oregon Real Estate Market

2017 was another great year for real estate in Central Oregon, and December closed out the year with a strong finish. Sales were about flush with November sales, with a slight dip in inventory.  A consistent number of pending sales are expected to complete in early 2018. Here’s deeper look.

Monthly Number of Sales and Price Reductions

The monthly number of sales stayed at a solidly consistent high in the market. The number of price reductions in the month of December were nearly half than the month before. Price reductions typically happen when properties sit on the market too long, with little to no interest, and it typically means that the property hasn’t been priced correctly. With fewer price reductions in December, we can expect to see more sales moving into the first couple months of 2018.

Steady Inventory

Inventory has remained decent and on par with the previous month. A steady listing of homes speaks to the strong market which remains in Bend. Homeowners are not waiting to the traditional Spring Time to list their property and buyers aren’t waiting until Spring to home shop.

Typically, the real estate market becomes more of a seller’s market during the winter months, with fewer listings available, but this year an steady inventory flow is changing the dynamic.  Property owners should continue to work towards a timely sell and potential buyers will enjoy more selection than usual this winter. Duke Warner has months of inventory for every price point under $525,000 in Bend being less than two months.

Consistent Pending Sales

Pending sales stayed at a high number for the month of December. If there’s ever a drop in the number of pending sales, it typically means that buyers are getting more cautious and are analyzing pricing more before purchasing. But given the consistent pending sales from October to December, buyers are taking advantage of the number of available listings, and sales haven’t slowed down much at all.

Final Analysis

All of this proves that we can expect an active beginning to 2018, that will carry on into the coming Spring and Summer months.

Sales are expected to remain at slightly above average numbers. Due to the interest in the Central Oregon Real Estate Market, we can expect that fewer price reductions will take place.

The seller’s market will continue into the New Year, with more out-of-staters moving here and as millennial’s begin to purchase their starter homes. The time to get a property listed is now, with the expectation of significant activity and lots of serious buyers early in 2018.

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November Real Estate Forecast shows consistent number of active and sold listings

As we head into the holiday season, we’re seeing an expected slow down in the Central Oregon Real Estate market. This November we saw a slight drop in the number of active listings, which is to be expected this time of year. As the holiday season progresses, it can be an inconvenient time for some sellers to get their property listed.

Expected Pending sales drop

While we saw a spike in the number of pending sales in the month of October, up to 251 from 233 in September, pending sales dropped for the month of November. With November coming in at 154 pending sales, it’s a big change coming from 251 in October. We expect to see a lower number of pending listings in November and December, as it’s a busy time of year. With all of the holiday errands and travel most go through in these months, they’re not typically high-volume months in Central Oregon or nationally.

Fewer Sold Listings

The number of sold listings is down from a busy October. From 208 in September, to 228 in October, sales came in at 198 in November. Again, with the busy time of year, a lower number of property sales are to be expected.

Active Listings

There are still lots of listings to choose from in the Bend Real Estate Market. Dropping to only 552 from 575 in the month of October, buyers are still able to find exactly what they’re looking for in a listing.

Pricing is still remaining stable, coming down from a highly active Summer market. There have been price reductions on existing properties, and with interest rates still low, it’s a great time to look for property.

Bend Oregon Realtors

Call Duke Warner today, and find the perfect Bend realtor to help you find your dream home, or get a property listed. Get in touch with us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

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Duke Warner Realty celebrates 50 years of business

Duke Warner Realty was established in 1967 by Duke and Kitty Warner. Their philosophy was to establish a first-rate real estate company sensitive to their customer’s needs. Believing, wholeheartedly, if they treated their customers fair and square, they would keep coming back and bring new customers with them.

That is exactly what happened…

A little history

Initially, Duke Warner Realty was a small family-owned operation that was located on Third Street. In 1992, they acquired the property on Newport Avenue and built the office they currently work out of. Additionally, the DWR staff has grown considerably since building the new property adding new Bend Realtors and more.

Originally, when Central Oregon was less developed, they specialized in bare land, farms, and ranches.  As the population increased, the business included more and more residential properties, and today they represent a good mix of nearly every property type on the market.

Duke Warner Family

Over the years Kitty and Duke contributed a considerable amount of time and energy to the Central Oregon Association of Realtors. A tradition the younger crowd is carrying on today, as many of the DWR brokers are also involved in various charitable organizations in the community.

Duke Warner Realty is still an independent brokerage, and not associated with a franchise. Larry Jacobs, Kitty Warner and Kit Korish have been partners in the business since 1982.  Several years ago, they added some younger generations to the partnership which now includes Jason Boone, Rob Eggers, Terry Skjersaa, Kris Warner and Kim Warner.  Kris Warner is the acting Designated Principal Broker.

The next 50 years

Duke Warner Realty’s brokers share this philosophy, and today the firm is widely-known for its personalized service and reliability. Unlike many real estate firms, Duke Warner Realty has little turnover in personnel. Years after a transaction is complete, a client, their relative or friend can return knowing that he or she will find the same personal care – and most likely, the same broker.

With this kind of reputation, Duke Warner Realty’s success has endured through good times and bad. The company is here to stay, and its Bend brokers are interested and actively involved in our wonderful community.

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There’s no time like the Present to apply for a Mortgage

Buying a home can seem intimidating, and applying for a mortgage can be equally as scary. Most people aren’t applying for mortgages in the current real estate market because they assume that they won’t qualify. The fact of the matter is, this might not be true, and you won’t know until you apply. If you think you might be ready to make the jump into the real estate market, then it’s time to get your ducks in a row.

What you need

To apply for a mortgage, you’ll need to have saved a down payment, have a steady and stable income and also have a good credit history. Don’t let the down payment scare you, with different types of mortgages and home loans, you can save as little as 3 percent or as high as 20 percent. A lender can help with this amount.

Here’s a list of what you’ll need to apply:

  1. Current credit history and score – Don’t let non-perfect credit deter you from applying for a loan. You may already qualify so it’s time to find out.
  2. Gather your documentation – Get together your income verification, like W-2 forms or tax returns. You’ll also need your credit history, and any other assets you have, like bank statements from saving accounts.

Talk to your Bend Realtor.

Bend Realtors have great recommendations when it comes to finding a loan officer. Typically, they have loan officers that they continue to work with time and time again. Ask your realtor for the lender that the recommend highly.

Trust your Lender.

Lenders will help you determine what price of home you can afford. They’re there to help you review your income, monthly expenses and other financial goals you may have. They’ll help you make the best decision when it comes time to choose a mortgage, and how you qualify.

Get Pre-Approved.

If your lender thinks you’re ready to apply for a mortgage, and start your house search, getting pre-approved can make this process even easier. If you’re pre-approved, you know exactly how much house you can take on. It prevents you from putting an offer on a house, that you will later find out you can’t afford. It also shows potential home sellers that you’re serious about buying.

If you’re thinking that you won’t qualify but think you might have what it takes, there’s no harm in meeting with a Bend Oregon Real Estate Agent and Lender. They might help you get things on track to purchase a home in the coming years, or they might help you discover that you’re already ready.

Most people assume that they can’t afford homes in today’s market. Yes, the market seems to be at a high, but there are pros and cons to the current market, and some of them might work in your favor. Instead of assuming that you can’t afford a home now, talk to your  Real, and see what they recommend. You’ll never know if you don’t try.

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October Real Estate Forecast shows high numbers of pending and sold properties

While the Central Oregon Real Estate Market is in the first signs of slowing down for winter, it’s still been a highly active fall. This September, the median sales price of a home in Bend, reached another record high. For the fourth month in a row the price has climbed, reaching $416,500 in September, which was up $2,500 from August’s median price. The median home price in October fell to $404,250.

Current Market

The Central Oregon market has been favoring sellers since last spring, which might level off in the coming months. The summer market was driven by committed buyers, and we expect this to continue into fall. With a higher number of pending sales in October, starting at 251, and up from 233 in September, we can expect November to be a highly active month.

The number of sold properties climbed to 228 in October, which was up from 208 in September. While the number in August was 246, this still shows that buyers are highly active during this time of year. In September we experienced an average of 114 days on the market, which was much lower than July, 141 days, and August, 136 days. Last year in September of 2016 the average number of days on the market was 104, so we’re not as quick as last year, but properties are still going rather quickly. We expect buyers interest to stay up through November and the Holiday season.

Active Listings

There’s still a high number of active listings on the market and buyers are still finding what they’re looking for in a property. While there have been price increases to home prices, they’ve remained modest and haven’t sky rocketed.

On existing properties there have been some price reductions, and interest rates are still low, so if you’re considering starting your home search now is a great time to start. With lots of properties to choose from you’re sure to find a property that has everything you need, and perhaps a bit more.

Find the best Bend Realtors

Finding a Bend Oregon Realtor that understands what you want in potential properties is key. Call Duke Warner today and we’ll help you find the perfect home, or get a property listed. Get in touch with us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.

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Types of Home Loans

It can be hard to determine what kind of loan works best for you when it comes to choosing a mortgage. It’s hard to break down the benefits and cons of each, so we’re here to break down what each loan is, and how it could possibly affect you. If you’re interested in applying for a home loan, talk to your Bend Realtors and see which lenders they recommend.

Fixed and Adjustable

There are two types of mortgages that you can come by, a fixed rate or adjustable rate. When you have a fixed rate mortgage, your loans have a fixed rate of interest, meaning they have the same rate of interest from the time you get them until when you pay them off. An adjustable mortgage has a rate that adjusts with the market, it might go up or go down as the market changes.

Each kind of loan has benefits and problems, but it’s up to you to decide what you’re willing to commit to. With a fixed rate you know your rate won’t change, even if the market changes. This means that if the rates drop lower than yours, you’re still stuck paying the rate you locked into. The flip side to this is that if you have an adjustable rate and the market rates soar, you’re stuck paying higher prices. Talk to a local lender and discuss which would work best for you.

Government and Conventional Loans

A conventional home loan is one that isn’t issued by the government in any way. Most consider conventional home loans to be regular home loans. A government issued home loan is one that is guaranteed through the government. Here are the different types:

FHA

An FHA Loan is part of a mortgage insurance program. These types of loans are available to first time homebuyers and other home buyers. With this loan the government is insuring the lender against any losses they might have from borrowing money. FHA loans are managed by the Department of Housing and Urban Development. With this loan you can put a lower payment down, as low as 3.5%. With this also comes mortgage insurance, that might make your monthly mortgage payment higher.

VA

If you’ve ever been a military service member or are a family member of one, you qualify for a VA loan program.  This mortgage is guaranteed by the VA. The benefit of this kind of loan is that veterans and their families can get 100% financing when they buy their home which means they have no down payment at all.

USDA or RHS Loans

Managed through the Rural Housing Service, part of the Department of Agriculture, this is for more rural residents. If you have a steady, but low or modest income, and other financing isn’t available to you, a USDA loan might be a good option. It takes into consideration the adjusted median income of the rural area, and bases the loan off of that.

Buying a Home

There are a lot of different steps to take when it comes to buying a home, and picking the right kind of loan is one of them. This can be the biggest part of purchasing a house, other than finding a property that is perfect for you. Talk to your Bend Oregon Realtors today, and see which lenders they recommend. Meet with a lender and find out which mortgage or home loan is right for you.

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What Young Couples Should Know when House Hunting

Buying a home is complicated. There are a lot of moving parts, lots of paperwork, and lots of important things to keep in mind. It can be a bit of an overload. If you keep everything you need, what you’re looking for in a home, and how many homes you’ve seen straight, you’ll be much more at ease when it comes time to make an offer. It’s hard to know how many homes to look at and what’s normal when you’re a first-time homebuyer, so we’re here with some tips.

Specifics

It’s important to know what you want in a home before you go out hunting. If you’re dazzled by additional features, the features you initially wanted might go out the window. It’s crucial to keep those features a high priority, because you might wind up with a home farther away from amenities or work than you had previously wished. Know what you’re willing to compromise on in a property and what’s negotiable for you.

Keep showings straight

While the typical number of houses people look at is 8-10, you have to look at the right amount for you. Talk to your Bend Oregon Real Estate Broker and help them find the perfect property. Maybe you’ll only need to look at one property, or maybe it’ll take more than 10, but it’s important to talk to your broker about what you want, so that you have better chances of finding your dream home.

Repeat Viewings

If you think a specific property might be perfect for you, ask to see it again. Shopping for a home ideally would give you the time you need to see a home over and over again, but with an aggressive market like Central Oregon, you’ll have to move quicker than that, so you don’t lose out on the perfect home.
In your search if you think you’ve found the top two properties, as your Bend Realtor to see them again. Don’t wait too long to go see them, and if you really do love them, don’t wait too long to put in an offer. Be assertive about the properties you love, or you risk losing them.

Your Realtor

There’s a lot to keep straight when you’re house hunting, but finding the perfect realtor can make a world of difference. When you have a realtor that understands exactly what you want in a home, they’re more likely to find the perfect property for you.