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Central Oregon Market Report - August 10, 2022


Pick of the week - Coming Soon! 19644 Apache Road - Bend Almost an acre in Deschutes River Woods. A large open concept kitchen, dining area, and great room that is full of details that truly set the space apart. Plentiful cabinet space, backlit with custom lighting throughout. Great room features an electric fireplace, live edge wood shelving with more custom lighting, and shiplap encased fireplace surround. 3 bedrooms and 2 bathrooms as well as a dedicated office space with unique corner sliding barn doors that open to the great room. Primary suite includes a walk in closet as well as en suite bathroom with a tiled shower and oversized soaking tub. Durable LifeProof flooring, cedar decks in the front and back, fenced RV parking, and energy efficient features like LED lighting and a heat pump make this home as functional as it is beautiful.


 

Inventory continues to stay high and Buyer demand overall has dipped off since the rate hikes. That being said, those motivated Buyer still in the market are making out very well during negotiations on price and terms. Using Seller credits to buy down their interest rate, Buyers are locking in historically solid rates/payments and having several options for homes to look at. With the shift in supply and demand, prices were pushed down for the past few months, but take a look at the most recent Beacon report below and notice prices jumping up in Bend over the last month from $722k to $762! There could be a few explanations for this, but I would expect average price point to continue jumping up and down in that range until things simmer down as we enter the Winter months and inventory dries up. This could be a good opportunity as a Buyer to not follow the crowds and media hype, but look at the numbers and see if it makes sense to gain a foothold in this market. - Greg

Mortgage Rate Updates



 

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