Summer 2015 Market Update
OH THAT SUMMER FEELING!
June 4, 2015 by Terry Denoux
Oh how we love our 4 seasons, especially Summer! If you haven’t experienced a Summer in Bend yet, come for a visit and you’ll never want to leave! That’s a fact and that is exactly what has driven so much of our growth in the area by tourists enjoying everything our area has to offer and not wanting to head back to their hectic pace they came to escape from. Of course with that comes some of the growing pains that we’re all starting to witness once again around here, somewhat reminiscent of the years 2005-2006 when the town felt as if it was bursting at the seams. Our real estate market has certainly felt these growing pains as well. While Sellers are enjoying the financial benefits of the escalation in demand for the limited supply of homes available, buyers on the other hand are having to work much more diligently in their pursuit of a home here in our area.
Here is a quick market snapshot for the Bend residential trend:
With right around 800 homes for sale at this time in the Bend area, at an average rate of 300 homes a month, you can see that we are in a bit of supply crunch as is evidenced by all of the Sold and Pending signs on properties all over our area, many of which are under construction even.
While this all seems relatively positive as our real estate market has rebounded 35-38% in price appreciation in the last 18 months, it leaves many buyers raising their eyebrows in anticipation of where are these prices headed, while others are kicking themselves for not having jumped in 12 months ago before the large run up in prices.
So how should one approach a market environment such as ours you ask? Well it’s important to think about your underlying reason and motivation for purchase. Is it an investment or is it a lifestyle choice that you’re making in choosing to relocate to our area? Just like you wouldn’t likely invest in a rapidly appreciating stock unless you had a strong sense of confidence in the future performance or product roll out of a particular company, you have to approach our market with the same sort of due diligence if you’re looking to purchase from an investment standpoint. The numbers and ratios have to make sense. On the other hand if you’re relocating to our area to enjoy the quality of life we all delight in, then market timing is not as important when looking at a purchase through this sort of lens. Live in the moment and don’t put off until tomorrow that which you wish you would have accomplished today as they say. Seize the day and let’s find you a home that fits with what you’re needs are today!
If you have at all been considering a move, give us a call today!
By: Terry Denoux, PC, ABR, GRI
Managing Principal Broker
BHGRE Northwest Living