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Central Oregon Market Report - January 18, 2022



Sneak Peak! Listing coming this Spring Acreage and beautiful single level home in Madras 1285 SE Bitterbrush - $ Mid 500's I will have this listing coming soon as the weather warms up and things turn green again. Very nice, single level home. 3 BD 2BA and 2,048 SqFt of open living and well maintained home. Just over 2 acres and horse friendly, with 2 stalls and hay storage. Private and quite living in the coveted Canyon View neighborhood. Call or email for more pictures and information! 541.525.9955


 
 

After the holidays and kick off to the new year, the market has continued to stay slower than this past year, but I'm starting to notice that Buyers are reigniting their searches and planning for a purchase this Spring. In conversation with my preferred lender, he mentioned that mortgage applications increased dramatically after rates dropped off from October. That being said, demand is still lagging about 30% behind where it was this time last year. Today we have more inventory available, simply because demand has dipped off so quickly and homes are staying on the market for much longer. Buyers are slowly becoming accustomed to the new market and have much more to choose from + options to negotiate! For sellers, it feels like many homeowners are settling into their existing homes, where they have a low interest rate locked in and unless there is reason to move, they plan to stay put and ride things out. Historically we are still in a strong market, but it is taking some time to readjust to the quick change of pace. As always, feel free to reach out for advice with no obligation. Have a great week! - Greg

 

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




 

Surge in mortgage demand after rates dip and create more affordability Consumers returned from the holiday season to find mortgage rates at their lowest point since September, and they are responding in dramatic fashion. Full Article



Think Twice Before Waiting for 3% Mortgage Rates The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Full Article



Market Snapshot



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