How Do I Know If I’m Overpaying for a House in Central Oregon?

Buying a home in Central Oregon—whether in Bend, Redmond, Sisters, or one of our smaller communities—is exciting. But in a competitive market, it’s easy to wonder: Am I paying too much?

Here’s how to tell if the price is fair—or if you’re at risk of overpaying.

1. Compare to Recent Sales (Not Just Listings)

The most accurate way to judge value is by looking at recent closed sales of similar homes in the area. Active listings show what sellers hope to get—sold listings show what buyers were actually willing to pay.

2. Watch the Price Per Square Foot

While not the only metric, price per square foot can be a good comparison tool when you look at similar properties in the same neighborhood. If the home you’re eyeing is significantly higher, make sure the upgrades or location justify it.

3. Pay Attention to Days on Market

If the home has been listed for months without a price drop, the seller may be holding out for more than the market will bear. In contrast, if it’s brand new to the market and priced well, competition could drive the price up.

4. Check the Appraisal

If you’re getting a loan, the lender will require an appraisal. If the appraised value comes in lower than your offer, that’s a red flag—you might be overpaying unless the seller adjusts the price.

5. Factor in the Market Trend

Central Oregon has had years of rapid appreciation, but higher interest rates have cooled demand in some price ranges. Paying top dollar in a slowing market could mean it takes longer to see a return on your investment.

💡 Pro Tip: Work with a local real estate agent who knows the micro-markets here. Prices in Bend’s West Side differ drastically from newer developments in Redmond or La Pine. Local insight can save you thousands.

Overpaying isn’t just about price—it’s about paying more than the home’s true market value. Do your research, lean on local expertise, and be ready to walk away if the numbers don’t add up.

FAQs

Q: What’s the first step to making sure I’m not overpaying?

A: Compare your target home to recent sold prices for similar homes in the same neighborhood, not just active listings.

Q: Is price per square foot a reliable measure?

A: It’s a good starting point—just make sure you’re comparing homes of similar size, age, condition, and location.

Q: What if the appraisal comes in lower than my offer?

A: That’s a sign the lender believes the home’s market value is less than you’re paying. You can renegotiate or walk away, depending on your contract.

Q: Can days on market tell me anything?

A: Yes—homes sitting for months without a price drop may be overpriced. In contrast, quick sales often indicate competitive pricing.

Q: How does the Central Oregon market affect this?

A: Different areas are moving at different speeds—Bend’s West Side may still see bidding wars, while some Redmond or La Pine homes are sitting longer. Local insight is key.