There are mixed opinions on where our current market might be heading and with so much information out there, it can be confusing to decipher. All theories aside, I am here to give you an inside look to our local market so that you can make more informed decisions and get the facts that relate to your specific area.
With Spring right around the corner, it is going to get competitive as there are still a lot of buyers shopping and not enough inventory to fill the demand. Values are holding steady and even rebounding a bit, with the Beacon Report showing home prices in Bend jumping up about 4% from $660k to $685k. This may have you wondering...have we hit the bottom of the dip? It's hard to tell, but consumers seem to be more comfortable with the higher interest rates than they were a few months ago. Mortgage application data for last week showed that purchases rose almost 8% and that makes five out of six weeks in a row! We are still down 31% from this time last year, but we are starting to make notable progress towards a rebound and steady market. This Spring could be a great opportunity for Sellers to get into the market and make a move while demand is high. Although Buyers have won back some negotiating power, we are still in a Seller's market and I think it's been so long since things shifted the other way, we've forgotten what the flip side of that really looks like. Now may be the perfect timing. Give me a call if you've got questions! - Greg
Mortgage Rates Update
The below rates are ranges of what to expect, but these numbers may vary based on your criteria and qualifying information. Let me know if you'd like to connect with a preferred lender.
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Market Snapshot
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