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And Away We Go?....
Maybe not so fast!
Amazing to see how the weather can change so rapidly around here! We go from Spring-like conditions fearing that the ski areas would face early season closures to avalanche hazards now posted due to all the heavy snow received over the last week! The heavy snow is not the only thing that has put a bit of a damper on the continued upward spike in real estate activity in our area. As we predicted, we would likely see a slight cooling off from our rampant 2013 Summer and Fall buying activity spree that pushed prices upward. As we review our first month's activity for 2014 we're already observing some notable changes. While the Median price did increase by 6.2% to $292,000 for the Bend area, our months of available inventory jumped up by 55% indicating that buying activity has certainly cooled off. While inventory sits at right around 678 residential units for sale in Bend, it may take a little bit longer for some of these properties to transfer to our sold statistical data as our Days On Market will likely trend upward slightly during this 1st quarter. I continue to monitor a number of economic indicators that continue to show that we need to readjust our expectations for 2014 in that we likely will not see the same rate of appreciation as last year. As mentioned in last month's market update, if we see a 7-9% rate of appreciation over last year, we should all feel comfortable with that figure as that in itself would be much more in line with the expected long protracted recovery for our area.
So with that information in mind, my advice would be to not set an unrealistic expectation on where our market is headed this year. If you were thinking that prices were going to be substantially higher as we launch into our Spring selling season, it may be time to reevaluate your Spring selling plans and calculate the cost of waiting and holding vs the cost of selling at today's prices. If you base your analysis on our current trends and economic data, you'll likely find that very little incentive to want to hold out for the next few months if you were wanting to sell sooner rather than later.
As always we welcome your questions and encourage you to get in contact with one of our real estate professionals to run an analysis on your home to help you with your decision.
By: Terry Denoux, PC, ABR, GRI
Managing Principal Broker
BHGRE Northwest Living
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