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Central Oregon Market Report - February 1, 2022



Small acreage just outside city limits 21563 Back Alley Road, Bend OR - $675,000 Property and privacy in SE side of town, but still just minutes to Bend. Great opportunity to fix up the land and make it your own. 2 bedrooms, 2 baths, w/ vaulted ceilings. 2 car garage, privacy, level ground. Outstanding solar orientation, greenhouse, storage shed, and barn.



 

The Fed raised interest rates by a quarter percentage point this morning, which has been the smallest move since March. This signals that the battle against inflation may possibly be working and things could begin to level off. But have we reached our bottom of the market? It's still hard to tell, but it feels like we are definitely starting to bounce back in the real estate world. Interest rates have come down throughout the past month, prompting more buyers to get back into the market and make offers. In conversations with lenders and other agents, most are expecting a busier spring market and higher confidence. Affordability is still the biggest hurdle to overcome, especially for first-time or break-in home buyers. Seller credits for rate buy downs and creative lending has helped several people score a great deal and affordable payment (which can be further refi'd later in time). For most homeowners, they are happy with their low rate they have locked in and have a hard time considering a move. This could continue to keep our inventory low and further push prices in the coming years. Interest rates will also only ever go so low again, so make sure you weigh your options as a buyer and keep your long term plan in mind! - Greg

 

Mortgage Rates Update Based off a 5% down payment, 770 credit score and low debt-to-income


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