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Central Oregon Market Report - February 15, 2022

Public meeting for 275-unit Southern Crossing development in Bend Above - A conceptual site plan of new 297-unit multifamily apartment complex called Modera Century West proposed at the Century Drive/Reed Market Road/Mount Bachelor Drive roundabout in Bend. Proposals Could Add Over 1100 New Units & 45,000 Sq. Ft. of Commercial Space.


I've had a few conversations lately with buyers that are on the fence about jumping into the market in uncertain times. With prices where they are, many might wonder what our future for affordable housing (for purchase) might look like here in Bend. I personally think that much of what will dictate the changes to come, will be driven by recent code changes - specifically Oregon House Bill 2001 and the follow-up Senate Bill 458. These bills seek to help stimulate an increase in supply, particularly in terms of more affordable housing options. Although this can be a great opportunity to give developers more flexibility and allow for more housing, this will typically fuel a boom in rental developments, not housing for purchase. Rentals will increase, parking restrictions will be less stringent, and options for affordable housing to purchase will be in the form of cluster builds and town home complexes... not usually the most desirable options. We have already seen the West side fill in with ADU's and the unbalanced house/yard ratios. With all of this in mind, I urge prospective buyers to weigh what their future options might be once we've seen the effects of this change take place. Supply will change and demand may change with it once people realize the value in a great single family home, with a yard and elbow room for a growing family.. As always, give me a call if you'd like to discuss! - Greg


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


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