What can we expect to see moving forward in our Real Estate Market?
I was able to attend Keller William's "Family Reunion" conference recently to mastermind with 15,000 agents and learn from top visionaries in the Real Estate space (including Gary Keller himself!) I have come home with valuable skills to better serve my clients and more importantly some big picture data and insight on the trends of our marketplace. Let's take a look!
Home prices have corrected, after our quick run up over the last 2 years or so. In Bend we have seen them dip and flatten out over the last 4 months, where they have remained somewhat steady. Buyer demand has remained strong in desirable areas like Bend and fallen off a bit more in the periphery markets. The thought on everyone's mind is, will we continue to dip or have we reached our bottom? The best thing to take into account is supply and demand and as you can tell by the slide below, we continue to see a hungry market where homes are still moving fairly quickly.
Speaking from my day to day experience, I have felt buyer demand pick up lately and it feels like consumers are beginning to realize that interest rates will not be trending downward in the coming years.. I think that would be a very safe assumption. So what does that mean for Buyers in the market or those trying to break into our hot area? Historical averages for rates put things into perspective and if you are considering shopping for your new home, imagine what that might look like if prices continue to appreciate and rates keep rising.
All in all, we are resettling into a new market and things look very different than they did over the past few years. If you're curious where you should position yourself for success moving forward, give me a call! - GREG
Mortgage Rates Update