Days on market climb as Bend and Redmond see highest inventory levels in three years!
The local real estate market is seeing an interesting shift in the speed at which homes are selling. Over the past few months we have experienced a notable increase in the number of homes available for sale, reaching levels not seen in the past three years (as explained in the Beacon Report and article above). This rise in inventory gives buyers more choices than they've had in quite a while. On top of that, I would say that buyer sentiment remains low and this has caused our market to pump the brakes.
Overall sales volume has taken a hit and we are seeing active listings sit on market for quite a long time. Sellers are needing to be very patient and understanding when it comes to listing their homes. On the flip side, it's a great time for potential buyers to explore options and feel less competition as we slip into a buyers market. There are great opportunities about and the ability to negotiate a great deal is at an all time high. If you are motivated to make a move, I suggest taking action before rates come down and we swing back towards a seller's market! Look at the chart below for rate trends and let me know if you'd like to talk over some options. - Greg
Market Snapshot
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