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Central Oregon Market Report - October 5, 2022


Pick of the week! 20177 Stonegate Drive - Bend Don't miss this large 4-bedroom family home with office and bonus room located in the desirable Stonegate Neighborhood. A spacious open floor plan with a dedicated formal sitting/dining area, living room with gas fireplace, expansive kitchen, and built-in wine bar. The large upstairs primary bedroom has vaulted ceilings, soaking tub, double vanity, and additional space for a 2nd office or workout room. This 4-car garage is what all the Central Oregonians dream about. Lastly, the backyard is a golfer's paradise. There are several professionally installed artificial golf greens for the golfing fanatic to work on their short game. This premier neighborhood is adjacent to Bend Golf & Country Club & features a pool, playground, and walking trails. Less than 5 miles to downtown Bend.


 

 

Over the last few months the market has continued to correct, as inventory has increased and prices have cooled off. In analyzing stats, several Realtors will refer to a term called the absorption rate to see how balanced the current market is between Buyers and Sellers. This is essentially how long the current inventory of properties would last at the current rate of sales, without any more new listings. In 2020 we saw an all time low rate of 2-3 weeks, with extremely tight inventory. Bend is now pushing up to the 2-3 month zone, indicating a re-balance. We have not seen this type of supply and demand since 2012. If Buyers can learn to navigate rising interest rates with tips and tricks from their agent, they should have many more options to look at and much more bargaining power. I will continue to keep you updated as things shake out and we head into the Winter months! - Greg

 

Mortgage Rates Update A slight decrease from last week, but I wouldn't expect them to stay there for much longer.

Market Trends via Flex MLS



 

The Cost of Waiting for Mortgage Rates To Go Down Mortgage rates have increased significantly in recent weeks may have you questioning what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision. Full Article



Demystifying Down Payments: What to Know Before You Buy Explaining down payment, closing costs, disclosures and what to expect moving foward as a buyer. Full Article


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