 |  |
Coming Soon! - 1447 NW 5th Street
Bend, OR 🏡 - $795,000
Remodeled 2 bed, 1 bath home offers an open contemporary floor plan, a large primary bedroom on the ground floor, full tile shower, light and bright kitchen featuring stainless steel appliances and stunning walnut cabinetry. Upstairs you will find the second bedroom and a versatile loft area that would make an excellent office or bonus area. Just minutes outside your front door you'll have the Deschutes River, Drake Park, beautiful downtown Bend, lots of breweries, coffee shops, and eateries. This lot also offers RV parking and has potential for expansion including but not limited to an ADU, garage, RV shop, house expansion and more.
After the post COVID boom, the housing market experienced a notable downturn, marking the lowest volume of home sales in fifteen years. Take a look at the graph above to compare and contrast the previous two years and notice the decline of new listings. The vast majority of homeowners with mortgages are enjoying favorable interest rates and are less likely to move laterally, unless they are down sizing or moving to a more affordable market with large equity. This doesn't necessarily mean that we are at a stand still in the market though, as people always have reasons to make a move. It just means that their trade off cost is much more heavily weighted with the higher rates.
That being said, there has been a gradual uptick in inventory levels lately and interest rates have stabilized in recent months, which has led to better Buyer sentiment. In the conversations I've been having this past week, I would expect to see more inventory coming soon. It will remain tricky for Sellers, as competition increases and Buyers are still feeling less motivation than past years. - Greg
What's new with Mortgage Rates?
This is a scenario for top tier borrowers with 20% down and great credit. These rates and better can also be seen for other borrowers by using seller credits!
 | What Are Experts Saying About the Spring Housing Market? If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. |
Market Snapshot
Comments