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CENTRAL OREGON MARKET REPORT - SEPTEMBER 20, 2023

Updated: May 20



City Council approves Bend's densest development yet

"Timber Yards" with 1,600 units on old KorPine site near Box Factory

 
 

Our local housing market is still experiencing some unique dynamics. News reports today showed interest rates hitting a 22 year high and prices in Central Oregon still seem to be holding steady. It sounds contradicting and for the most part, just frustrating to Buyers. I get it. Rates don't look as good as they did a few years back. I also understand that this might not change anytime soon. If you take a moment to zoom out and look at the big picture, rates are historically average right now and Central Oregon is not becoming any less popular. If you know how to navigate in today's market, there are still great opportunities out there and ways to set yourself up for the future. It may not make sense for everyone to jump in now, but if it's something you can swing and you are currently renting, I think you should understand that there is a cost of waiting.

 

Overall, there has been a shift in the tides of our market this past week and it is led by Buyer sentiment. It's more common to see Buyers be hesitant and have purchases fizzle without much reason. As a Seller, it's important to realize that you may face more hoops to jump through during a sale process and you will want to be accommodating to make sure you cross the finish line. If you have any questions, please reach out for advice. All the best! - Greg

 

Mortgage Rates Update

For the average lender, a top tier 30yr fixed rate is now over 7.5%

 

Oregon 2024 maximum rent increase is 10%. New law kept it from going higher.

Under Senate Bill 611 passed earlier this year, the maximum allowable increase is the 7%-plus-CPI combination or 10% — whichever is lower.


Cities are Cracking Down on Short-Term Rentals—What Does It Mean For Investors?

New regulations could affect your bottom line in the short term rental space. See what current trends are coming soon.


 

Market Snapshot


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