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Central Oregon Market Report - November 9, 2022


.5 Acre Property in SE Bend 61250 Cresent Court - Bend, OR $865,000 Sited on 0.53 acres, this sophisticated home offers an open floor plan, Chef's kitchen, great room with vaulted ceilings with 4-living spaces, a glass-slider extends to the outdoor al-fresco veranda with multiple seated areas + a private hot tub. Main level offers 2-bdrms & a shared hall bath. Upstairs boasts the primary suite with a spa-like bath+walk-in closet. Landscaped master gardens, level lawns, gated RV parking + additional park pad, greenhouse, fruiting trees, and raised vegetables beds.


 

 

Home sales have continued to fall below normal seasonal numbers. Rising interest rates coupled with relatively high home prices, have continued to cool the buying market here in Central Oregon. Prices are being cut down slowly as motivated sellers compete in the shifted market. Median home price in Bend dropped from 725k to 680k! Redmond dropped from 525k down to 478k. Check out all the stats in my "Market Snapshot" section below... To keep things in context, just remember that this is all part of a re-balancing phase after the covid market put us out of whack. I believe that rates will continue to climb short term and prices will in turn continue to drop to keep purchases more affordable. Smart buyers should explore loan options with their lender, such as a 2-1 buy down: An agreement that provides for a low interest rate for the first year of the loan, a somewhat higher rate for the second year, and then the full rate for the third and later years. The game plan would be to lock in low payments up front, then refinance out of this in 12-18 months when there is an opportunity. Let me know if you have questions on this! - Greg


 

Mortgage Rates Update



 

2023 Mortgage Rate Outlook: You Won’t Believe What Could Happen Mortgage rates could fall in 2023. How is that possible? Full Article


The Middle Class Wealth Boom Is Over—According To Bloomberg Middle-class wealth is down $27,000 since its peak earlier this year, the largest drop since 2007. Full Article

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