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Central Oregon Market Report - October 26, 2022


New listing - Affordable craftsman in Redmond! 1018 NW Teak Avenue - Redmond, OR $524,900 Great home for the price! Beautiful craftsman home in NW Redmond on a generous .20 acre lot is perfectly positioned by schools, Quince Park, Dry Canyon trails and easy access to the highway. Lots of natural light with the 1,817 sq ft open floor plan, three covered patio areas, vaulted great room with tongue and groove, natural stone floor to ceiling fireplace with lots of built-ins and bamboo flooring throughout all of the living areas. Great separation of space with an oversized primary bedroom with two sets of double doors and a bonus nook/office area with the two additional bedrooms and bathroom on the other side of the house. Mature trees and low maintenance natural scape landscaping with a large RV pad in the back of the home by garage along with a 10x16 storage building that has double doors and windows.2021 updates: heat pump, exterior paint, new garage door opener, privacy fencing, new toilets.


 

Prices have flattened and days on market continue to increase. This is both market driven as well as part of the seasonal cycle. Over the last four months, days on market have just about doubled and Sellers are needing to adjust their expectations quickly. This often comes in the form of patience and price reductions to stay competitive. Serious Buyers in this market are able to find great opportunities with motivated Sellers and taking advantage of Seller credits to buy down their rate. On another note, Oregon just raised their rent increase cap to 14.6%! This provides landlords the ability to bolster their under performing assets. On the other hand, it also leaves renters worried that they may be priced out of the market. When you own your own home, you get to lock in your monthly payment for 30 years. Keep a long term vision in mind and think about which option is best for you to build long term wealth ;) - Greg


 

Mortgage Rates Update


Market Trends via Oregon Datashare A blend of several markets in Oregon to show trends across the state. Notice - the last 6 months have seen an increase in days on market and a flattening of Avg sold price.



 


Outdoor debris burning season set to open Friday near Bend and Sisters, officials say Outdoor debris burning will open at sunrise on Friday for areas outside the City of Bend. Time to clean up your property! Full Article


3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 With all the headlines and talk in the media about the shift in the housing market, you might be curious if this is a housing bubble.. Full Article

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