top of page

CENTRAL OREGON MARKET REPORT - SEPTEMBER 20, 2023

Coming Soon in Sisters, OR - 14913 Conestoga

$749,999

This newly remodeled single-level Tollgate home sits on a fully fenced half acre lot that borders the Deschutes National Forest and comes fully furnished. This would make for a great primary residence or turn-key vacation rental. Reach out direct for more property and listing details. Active STR (financials available upon request).

 
 

The market seems to have stabilized and things have been less exciting than recent months. Buyers are definitely still out there shopping, but they are much more hesitant to pull the trigger with so much uncertainty floating around. This means longer days on market for Sellers and more likelihood for Seller concessions to incentivize an offer. That being said, I have had a few listings lately that have sold quickly because they were well marketed and priced accordingly. Ready buyers are weighing their options and if you are the best option, you will sell your house! One of the biggest factors keeping prices strong right now is supply and it appears that it is unlikely to undergo significant changes anytime soon. The lock-in effect, where homeowners are reluctant to sell due to low mortgage rates, is a real phenomenon. While new construction is steady, it takes time to complete new homes and have them impact inventory levels. Therefore, it's unlikely that we'll see a substantial increase in new property listings until mortgage rates approach around 6%. When that happens, you can be sure that prices will rise again as Buyer demand increases. With so much up in the air right now, it;s hard to make sound predictions. What I do know, is that our evolving economic landscape will play a crucial role in shaping the real estate market's trajectory. Give me a ring if you'd like to weigh your options and I'd be happy to have a friendly chat! - Greg

 

Mortgage Rates Update

Some good news: the Fed did not hike their interest rates today - in line with the market’s expectations.  Phew!

 We see that the Fed members’ future expectations changed, as they forecast that the next years will have lower rates – but not quite as low as they believed a few months ago.  This is a negative signal as it shows they’re going to be tough on inflation…even at the expense of much of the economy.  As a result we saw mortgage rates tick up just slightly today to 7.33%.

 

Are More Homes Coming onto the Market this Fall?

There’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical.


Waiting...Why Hasn’t the Housing Market Crashed Yet?

There's several factors involved, but when weighing your options it always comes back to supply and demand. Basic economics!


 

Market Snapshot


Comments


bottom of page