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CENTRAL OREGON MARKET REPORT - APRIL 5, 2023

Listing of the Week!

22860 Nelson Road - Bend, OR 97701

$1,295,000


This 2nd generation family farm offers endless potential for you and your family to create the farm life you always dreamed of. Owners currently pay the mortgage by boarding and raising horses, but cattle also do well on the irrigated pastures, or grow local crops in the improved soils. The 72x132 indoor arena and 24x132 barn with 8 stalls and spaces for 20 other horses ,are a great way to create income or simply enjoy riding your own horses. There is also a 100x200 outdoor arena and direct access to blm trails. Newer home offers master separation and all bedrooms on the main level with a large bonus room above the garage. Two tax lots make up nearly 24 acres with 8 acres of water rights. Property is fences and cross fenced. There is also an additional manufactured home on the property for farm help. This property is just 10 minutes from the Forum shopping center. Call now for an easy appointment to take a look at this special property!

 
 

Buying power and demand is continuing to look better with interest rates hanging right around the 6% mark, which all things considered is fantastic news! This is almost a full percent better than what we saw at the beginning of March. To put that into perspective, on a $480,000 loan, your difference in rate results in a $316/monthly swing! I can feel market activity picking up and I still feel that Spring will be a busy market. Many Buyers are on the fence and curious if the market will crash... but it may have already happened. Motivated shoppers are dealing the cards they are dealt and moving along with their plans. Bend came down 15% and Redmond came down 23% from the peak prices, but both markets have now started to rebound a bit. I foresee a steady shuffle moving forward, with prices going slightly up and down as we balance out to find market values. If you're needing help analyzing the market or curious where you stand, please reach out for help!

    - Greg

 

Mortgage Rates Update

The below rate scenarios are all based off a 795-credit score, first-time homebuyer with 20% down payment and low debt-to-income ratios.

 

Why Aren’t Home Prices Crashing?

A lot of people expected prices would crash this year thanks to low buyer demand, but that isn’t happening. Why?



How To Get A Mortgage As A Low-Income Borrower

Types of home loans for low-income households. Also, learn about the loan eligibility requirements to find one that will help you become a homeowner. 



 

Market Snapshot


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