What's causing the volatility in median price here in Bend? Let's discuss...
As predicted in a previous market report, the prices here in Bend have dropped significantly from last months surge. But what's causing this 50-70k price swing in such a short period of time? Are prices really that unstable in our overall market? The short answer is, not so much...
Although we are currently in a unique market, with many factors at play, the surface level numbers we've seen recently don't really represent our market very well. It takes a much deeper understanding of the market as a whole to know how to evaluate properties and demand right now. I mentioned before that the initial peak in prices was due to inventory in average price points drying up, while higher priced homes continued to list and sell. This means that "average" consumers are not trading out as frequently right now, while more affluent shoppers are still going about business as usual. On the flip side, the trend this past month switched things up, as the homes in the 600-800k range filled back in and in turn the median price dropped back down. Remember that market numbers are pulled from the homes that are listing and selling, so our data is dependent on what price ranges are staying the most active. If there's one thing to take away from all of this, it;s that there are several markets within our overall market and each one moves at a different speed. If you've got any questions on specifics or where you currently stand, please do reach out! - Greg
What's new with Mortgage Rates?
This is a scenario for top tier borrowers with 20% down and great credit. These rates could be improved by using seller credits! Unsure what that means? Shoot me a message!
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