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Writer's pictureGreg Powell

Central Oregon Market Report - May 11, 2022


New Listing This Friday! You get the first look and opportunity to beat this one to the market! A peaceful and private property tucked away in Deschutes River Woods. Large lot with plenty of space for RV storage, toys, shop ect. Great use of outdoor space to enjoy the beautiful landscape. Easy, single level layout with several great features. Contact me direct for more info or pictures. Listing goes live this Friday.



 

Weekly Update!

The topic of conversation amongst agents and lenders this week is all focused around rising interest rates. The Fed is acting aggressively to curb inflation and in turn mortgage interest rates are predicted to rise steadily over the next year. I wouldn't be surprised to see them reach 7% by years end! Buyers are in a predicament as they see their buying power wane and prices hold strong. Depending on your financial situation, it may be beneficial to stretch now and lock in a home before you get priced out of your desired areas. Buying a home allows you to stabilize what’s typically your biggest monthly expense (housing) and protects you from inflation. Check out the chart below to put prices into perspective and plan for a long term investment. I have noticed a few price drops this last week and an uptick in days on market, indicating that things could be cooling off a bit. Prices may flatten out soon, but I don't believe they will be going down until the weight of interest rates stack on more. Things may begin to balance out, but we are still in a Seller's market. -Greg


 



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