Home energy scores are a numerical energy performance rating that assesses the energy efficiency of a home. Like a miles per gallon rating for a vehicle, a home energy score provides information about how efficiently the home uses energy to home buyers, which can in turn inform their purchase decision. Starting next Summer, Bend homes will require a report on home energy scores along with the sale of all properties. This is a new initiative to bring awareness to residential energy efficiency and Bend’s climate action goals. Portland has already adopted this program and Bend is next in line to make this a requirement next Summer. More information and resources on this topic in the article below!
The holiday season is upon us and in the real estate realm, this is typically the slowest time of year. Homes are still selling everyday, but at a much slower volume than we typically see in warmer months. This Winter in particular has seen a sizable decrease in sales, year-over-year from last Winter (check out the graph below). This drop off might be a concern for some, but I believe that comparing any average year to the "post Covid boom" would look dramatic. Since last year, we have seen a quick change in interest rates and an equal cooling in price appreciation. Once the new year starts up, I believe that we will ease into a more "normal" market once rates settle and activity picks back up. - Greg
Mortgage Rates Update
The City of Bend is considering a Home Energy Score program to improve transparency around energy cost of homes and to encourage energy efficient homes. Full Article
New Zillow Report Suggests Renters Must Work 63 Hours To Afford Rent In The U.S. Ouch! Wouldn't it make more sense to work those hours and pay that amount towards your mortgage? There's a reason why perpetual renters fall so far behind. Full Article