Central Oregon’s Just Around the Bend Blog (incorporating Sisters, Redmond & Tumalo, too)

Scenes from the Sisters, Oregon Christmas Parade

Sun, 29 Nov 2009 18:50:55 -0600

Mother Nature shone bright on the annual Sisters Christmas Parade on Saturday. Under clear blue skies and relatively balmy temperatures (40-ish), the holiday-inspired procession of floats, pets, people and contraptions sauntered down Hood Avenue to the appreciative applause of a very large, very receptive crowd.

Below are some photos taken curbside.

About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.

The Latest Business Buzz in Sisters, Oregon

Mon, 23 Nov 2009 20:57:31 -0600

It's been a particularly busy month or so for the Sisters business community. First, shortly after the closure of Wild Dusty Rose florist (located in the RE/MAX Town & Country building), Flowers by Deanna opened in its place. Next, Blue Skies Gallery opened downtown (upstairs at the Sisters Town Square on Cascade Avenue), along with the Spirit of Sisters, a consignment gallery located at the corner of Hood and Elm, owned by bead-maker Sue Purcell.

Then the Sisters Dollar Store opened in the Three Winds Shopping Center adjacent to the new Bi-Mart -- just in time for plenty of Halloween hoopla (see photo below). A joint venture between one of my RE/MAX cohorts (Cynthia Hydes) and Sisters resident Matt McCurdy (husband of another RE/MAX cohort, Marina McCurdy), the Dollar Store stocks a bit of everything, from household goods and food staples to office supplies and Christmas décor.

Meanwhile, in the blink of an eye, the Jennifer Lake Gallery had moved from one end of Cascade Avenue to the other. And, with little warning and no fanfare, the venerable Coyote Creek Café closed after several decades of business.

The topic of perhaps the most discussion, however, was the potential annexation of the 30-acre McKenzie Meadows property at the west end of town (adjacent to Sisters High School). After much heated debate (and a strong resident turnout), the Sisters City Council voted 4-1 to accept the annexation agreement with McKenzie Meadows owners Bill Willitts, Curt Kallberg and the Reed family, who hope to build "McKenzie Meadows Village," a retirement community that would ultimately include an assisted-living "lodge," public park, senior center, medical facility and single-family residences geared toward seniors.

Having cleared that hurdle, the owners must now return their attention to their other daunting challenge: finding the $4 million necessary to fund the ambitious project (so far, they've garnered a little over $1 million).

October 2009 Real Estate Market Snapshot for Tumalo, Oregon

Mon, 16 Nov 2009 18:17:37 -0600

Like Sisters, Tumalo's real estate market saw only minimal changes from September to October. Once again, the number of Active Residential with Acreage listings shrank (if only slightly, from 86 to 85). That continued Tumalo's downward trend in inventory, from a high of 99 RW listings in January. Similarly, the supply again decreased slightly, from a 26-month supply in September to a 25-month supply in October.

Meanwhile, the median price for Active RW listings in Tumalo also decreased slightly (from $722,000 in September to $719,000 in October), as did the number of Active million-dollar listings (down from 29 to 28).

As a horse-property specialist, Tumalo has always been of particular interest to me because that's where you'll find many of the most desirable horse properties in Central Oregon. Because its boundaries are up to interpretation, please consider the following statistics a general barometer of the area's real estate activity that includes most, but not necessarily all, of the listings in Tumalo.

Here are a few October highlights of the Tumalo market:

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 85
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 2
Average Days on Market:      245 days for Active RW listings
                                          117 days for RW listings sold in October

Median Sales Price:               $719,000 for Active RW listings
                                          $468,500 for RW listings sold in October

INVENTORY:
Residential with Acreage: 25-month supply (41 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $106,000
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Point with the Most Active Listings: $1,500,000-$1,749,999 (9 listings)
Listings at $1,000,000 or more: 28

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Tumalo real estate market in detail.

If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

October 2009 Real Estate Market Snapshot for Sisters, Oregon

Mon, 16 Nov 2009 14:01:58 -0600

After two months of strong sales in the Sisters real estate market, the momentum slowed a bit in October, with 12 Pending and Closed sales, compared to 27 in September. On the plus side, the overall inventory continued to decrease (down from 217 in August to 180 in October).

Meanwhile, the median sales price for Active SFR listings dropped from $419,000 in September to $399,000, while the median sales price for homes on acreage decreased from $795,000 in September to $736,500.

Here are a few October highlights of the Sisters real estate market:

LISTING ACTIVITY
Active Residential Listings in Sisters: 180 (102 Single Family Residences; 78
Residential with Acreage)
Contingent Residential Sales in Sisters: 2 (1 SFR, 1 RW)
Pending Residential Sales in Sisters: 7 (5 SFR; 2 RW)
Residential Sales in Sisters:    12 (11 SFR; 1 RW)
Average Days on Market:      218 days for Active SFR listings
                                          250 days for Active RW listings
                                          261 days for the SFR listings sold in October
                                          221 days for the RW listing sold in October

Median Sales Price:             $399,000 for Active SFR listings
                                        $736,500 for Active RW listings
                                        $445,000 for the SFR listings sold in October
                                        $1,075,000 for the RW listing sold in October
INVENTORY
Single Family Residence: 20-month supply (62 sales in the previous 12 months)
Residential with Acreage: 37-month supply (25 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $149,990
Least-Expensive Residential with Acreage Active Listing: $199,900
Most-Expensive Single Family Residence Active Listing: $1,325,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings:  SFR: $300,000-$349,999, (13 listings)
                                                            RW: $450,000-$499,000, $950,000-$999,999
                                                                    & $1,000,000-$1,249,999 (each w/7 listings)

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters real estate market in detail.

If you'd like to learn more about the Sisters real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

How to Have a Voice in the Future of Deschutes County Development

Mon, 19 Oct 2009 19:51:49 -0500

For the first time since 1979, Deschutes County has drafted a new Comprehensive Plan, the document prepared by a city or county in Oregon to provide a general overview of existing and future land use. Part of a statewide planning initiative instituted by Senate Bill 100 in 1973, the Comprehensive Plan was designed to provide direction on land use issues for the next 20 years.

Well, 30 years have come and gone, so it's high time the plan was overhauled. Although it has been amended and updated over the years -- and a review of the plan that began in 1988 was completed in 2003 -- the current plan still contains outdated information and doesn't necessarily reflect current thinking.

In an effort to involve the public in the new plan, the Deschutes County Community Development Department has organized a series of public meetings during the next three months to hear feedback on the new plan it has drafted, called "Comprehensive Plan 2030." Between now and Jan. 7, 2010, the CDD will be accepting informal comments and suggestions on the draft plan. It will then be revised based on comments received, and a formal adoption process will begin next February.

Here's a schedule of the upcoming meetings:

Oct. 19 at 6 pm: Plan Overview/Open House. Terrebonne Grange Hall.
Oct. 20 at 6 pm: Plan Overview/Open House. Tumalo Community School.
Oct. 22 at 5:30 pm: Planning Commission Meeting on Natural Resources, other sections. Deschutes Services Center, Bend.
Oct. 27 at 6 pm: Plan Overview/Open House. Brothers School.
Oct. 28 at 6 pm: Plan Overview/Open House. Redmond Fire Station.
Oct. 29 at 6 pm: Plan Overview/Open House. Three Sisters 7th Day Adventist School, Bend.
Nov. 05 at 5:30 pm: Planning Commission Meeting on Resource Lands (Farms and Forests). Deschutes Services Center, Bend.
Nov. 10 at 6 pm: Plan Overview/Open House. Mid-State Electric Building, La Pine.
Nov. 12 at 5:30 pm: Planning Commission Meeting on Rural Development, Housing, Economy. Deschutes Services Center, Bend.
Nov. 19 at 5:30 pm: Planning Commission Meeting on Destination Resorts. Deschutes Services Center, Bend.
Nov. 30 at 6 pm: Plan Overview/Open House. Three Rivers School, Sunriver.
Dec. 1 at 6 pm: Community Plan/Open House. Terrebonne Grange Hall.
Dec. 2 at 5:30: Planning Commission Meeting. Deschutes Services Center, 1300 NW Wall Street, Bend.
Dec. 7 at 6 pm: Plan Overview/Open House. Deschutes Services Center, Bend.
Dec. 9 at 6 pm: Plan Overview/Open House. Sisters Library.
Dec. 10 at 5:30 pm: Planning Commission Meeting on Urbanization & Unincorporated Communities. Redmond Council Chambers.
Dec. 14 at 6 pm: Community Plan/Open House. Tumalo Community Church.
Dec. 15 at 6 pm: Community Plan/Open House. Three Sisters 7th Day Adventist School, Bend.
Dec. 17 at 5:30 pm: Planning Commission Meeting on Appendices. Deschutes Services Center, Bend.
Jan. 7 at 5:30 pm: Planning Commission Meeting Wrap-up.
Deschutes Services Center, Bend.

For more information about the Comprehensive Plan meetings, visit the Deschutes County website.

September 2009 Real Estate Market Snapshot for Tumalo, Oregon

Tue, 13 Oct 2009 11:33:30 -0500

For the third month in a row, Tumalo's real estate market was most notable for its decreases (which is actually good news). Once again, the number of Active Residential with Acreage listings shrank (from 93 to 86), which continued Tumalo's downward trend in inventory (from a high of 99 RW listings in January). Similarly, the supply again decreased, to a 26-month supply in September (compared to a 40-month supply in February).

That decrease in supply can be attributed in part to the ongoing increase in sales. And this month, eight of the 13 Pending and Closed sales were above $500,000 -- more good news for sellers. Although the median price for Active RW listings in Tumalo also increased (from $689,000 in August to $722,000 in September), the number of Active million-dollar listings remained below 30 again (for only the second time this year).

Here are a few September highlights of the Tumalo market:

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 86
Contingent Residential With Acreage Sales in Tumalo: 3
Pending Residential With Acreage Sales in Tumalo: 6
Residential With Acreage Closed Sales in Tumalo: 7
Average Days on Market:      240 days for Active RW listings
                                           142 days for RW listings sold in September

Median Sales Price:               $722,000 for Active RW listings
                                          $350,000 for RW listings sold in September

INVENTORY:
Residential with Acreage: 26-month supply (40 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $119,500
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Point with the Most Active Listings: $1,500,000-$1,749,999 (9 listings)
Listings at $1,000,000 or more: 29

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Tumalo real estate market in detail.

If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

September 2009 Real Estate Market Snapshot for Sisters, Oregon

Mon, 12 Oct 2009 19:14:24 -0500

As summer turned into fall, the Sisters real estate market continued to gain momentum. August's strong increase in sales carried through into September, with 27 Pending and Closed sales (up slightly from 25 in August). The difference this month was that all but one of the 14 Pending sales were Single Family Residences, with only one Residential With Acreage Pending sale).

Also noteworthy is a significant decrease in inventory (down from 217 in August to 194 in September), which is a welcome change in what was an increasing inventory throughout the year (there were 136 active Residential listings in January).

Here are a few September highlights of the Sisters real estate market:

LISTING ACTIVITY
Active Residential Listings in Sisters: 194 (111 Single Family Residences; 83 Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (1 SFR, 0 RW)
Pending Residential Sales in Sisters: 15 (14 SFR; 1 RW)
Residential Sales in Sisters: 13 (7 SFR; 6 RW)
Average Days on Market:      204 days for Active SFR listings
                                              265 days for Active RW listings
                                              199 days for the SFR listings sold in September
                                              171 days for the RW listings sold in September

Median Sales Price:             $419,000 for Active SFR listings
                                            $795,000 for Active RW listings
                                            $525,000 for the SFR listings sold in September
                                            $424,000 for the RW listings sold in September

INVENTORY
Single Family Residence: 25-month supply (53 sales in the previous 12 months)
Residential with Acreage: 37-month supply (27 sales in the previous 12 months)

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters real estate market in detail.

If you'd like to learn more about the Sisters real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

Speechless Sunday: Rise & Shine

Sun, 11 Oct 2009 13:16:57 -0500

Original photograph of Wednesday morning's foggy sunrise in Tumalo, Oregon, taken by Lisa Broadwater, Broker, GRI; RE/MAX Town & Country Realty, 178 S. Elm, Sisters, OR, 97759. 541-549-3333. All rights reserved and may not be reproduced or reprinted without express written permission For more images, visit www.CentralOregonHome4You.com.

Happy 100 to Sisters, Oregon (and me)

Sun, 11 Oct 2009 13:03:55 -0500

How fitting that just in time for my 100^th blog post, Sisters was named one of the Top 100 Adventure Towns in National Geographic Adventure magazine. The October issue provides a handy state-by-state guide of the country's "top outdoor hubs," which touts the Sisters area for its hiking, rafting, road-cycling, mountain-biking and skiing.

Receiving specific nods are the McKenzie River (for its Class III rapids), Black Butte (for its scenic hiking), Smith Rock (for its sport climbing) and Mount Bachelor (for some of the best ski runs in the West). Too bad the guide neglected to mention our much-closer (albeit less-glamorous) neighbor, Hoodoo Resort, located at the summit of Santiam Pass.

I was also bummed to see that Sisters only ranked #84 -- until I gave the intro a closer read. The list -- which also features Hood River (#33), Klamath Falls (#39) and Portland (#69) -- was organized alphabetically. In any event, it's great to see Sisters acknowledged once again.

Did Somebody Say 'Indian Summer'? What a Difference a Few Days Make...

Sun, 04 Oct 2009 13:18:37 -0500

From 90 degrees and sunny to the year's first snow (early even for Central Oregon!) -- in the blink of an eye! What happened to Indian Summer? Original photograph taken this morning in Tumalo, Oregon by Lisa Broadwater, Broker, GRI; RE/MAX Town & Country Realty, 178 S. Elm, Sisters, OR, 97759. 541-549-3333. All rights reserved and may not be reproduced or reprinted without express written permission For more images or information about real estate in Central Oregon, visit www.CentralOregonHome4You.com.

About Indian Summer in Central Oregon

Mon, 28 Sep 2009 19:57:02 -0500

Well, here it is, the end of September, and as recently as last week, temperatures were hitting the mid-90s. Looks like we may be headed for another Indian Summer.

It's a common occurrence in Central Oregon, where the saying goes, "If you don't like the weather, just wait five minutes." I think the concept of layering -- as in wearing a coat on top of a jean jacket on top of a cardigan sweater on top of a tank top -- was coined here -- possibly during one of our Indian summers. It definitely took a while for this Southerner to adjust to the wildly varying temperatures.

The term "Indian summer" was first documented in 1778 (it appeared in a letter written by a French-American soldier turned farmer named J. H. St. John de Crevecoeur). It's generally associated with unseasonably warm temperatures accompanied by dry and hazy conditions, primarily in October or early November.

But did you know that, at least technically speaking, we won't have experienced a true Indian Summer unless there's been a killing frost or freeze? So, in Tumalo, anyway, we aren't there yet (although I did hear that the late-night temps in La Pine dipped down into the teens last week).

P.S. In the 1830s, "Indian summer" began to be used figuratively, to refer to any late flowering after a period of decline, as in "the Indian summer of the administration" (per the American Heritage Dictionary).

August 2009 Real Estate Market Snapshot for Tumalo, Oregon

Sun, 13 Sep 2009 19:48:15 -0500

Like last month, Tumalo's real estate market for August was most notable for its decreases. Once again, the number of Active Residential with Acreage listings shrank (from 97 to 93). And, unlike Sisters -- which has almost doubled its inventory so far this year, from 136 Residential listings in January to 217 in August -- Tumalo has seen an overall decrease throughout the year (from 99 Active Residential with Acreage listings in January to 93 in August).

The median price for Active RW listings in Tumalo also continued to decrease (down from $875,000 in January to $689,000 in August), as did the number of Active million-dollar listings, which fell below 30 for the first time this year. That's good news for buyers, many of whom have been priced out of the Tumalo market for some time.

There was one notable increase this month -- in sales, which rose from eight pending and closed sales in July to 14 in August. More good news for sellers: Once again, there were several sales above $500,000, including two sales above $1 million.

Here are a few August highlights of the Tumalo market:

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 93
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market:      215 days for Active RW listings
                                          258 days for RW listings sold in August

Median Sales Price:               $689,000 for Active RW listings
                                          $575,000 for RW listings sold in August

INVENTORY:
Residential with Acreage: 32-month supply (35 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $123,500
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Point with the Most Active Listings: $550,000-$599,999 (11 listings)
Listings at $1,000,000 or more: 28

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Tumalo real estate market in detail.

If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

August 2009 Real Estate Market Snapshot for Sisters, Oregon

Sun, 13 Sep 2009 18:37:17 -0500

Wow! August proved to be a banner sales month for the Sisters real estate market. After two months of slight growth in sales, Sisters saw a significant jump. In fact, sales almost doubled -- from 15 pending and closed sales in July to 25 pending and closed sales in August. Included in the mix was a strong showing of higher-end sales (six sales above $500,000, including one just under $1,000,000).

Also noteworthy, however, is the dramatic increase in inventory since the beginning of 2009. In January, there were 136 active Residential listings (which include Single Family Residences and Homes on Acreage), compared to 217 active Residential listings in August. When looking at the previous 12 months' of sales, those numbers translate into an 11-month supply of homes in January compared to a 30-month supply of homes in August. That means that buyers will remain in the driver's seat for the foreseeable future.

Here are a few August highlights of the Sisters real estate market:

LISTING ACTIVITY
Active Residential Listings in Sisters: 217 (133 Single Family Residences; 84 Residential with Acreage)
Contingent Residential Sales in Sisters: 2 (2 SFR, 0 RW)
Pending Residential Sales in Sisters: 12 (8 SFR; 4 RW)
Residential Sales in Sisters: 13 (8 SFR; 5 RW)
Average Days on Market:     193 days for Active SFR listings
                                         268 days for Active RW listings
                                          157 days for the SFR listings sold in August
                                           57 days for the RW listings sold in August

Median Sales Price:             $439,000 for Active SFR listings
                                         $797,000 for Active RW listings
                                         $315,000 for the SFR listings sold in August
                                         $328,000 for the RW listings sold in August

INVENTORY
Single Family Residence: 30-month supply (53 sales in the previous 12 months)
Residential with Acreage: 42-month supply (25 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $149,990
Least-Expensive Residential with Acreage Active Listing: $199,900
Most-Expensive Single Family Residence Active Listing: $1,475,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $550,000-$599,999, in SFR (15 listings)
                                                           $200,000-$250,000 in SFR (14 listings)

                                                            $950,000-$999,999 in RW (8 listings)
                                                            $1,000,000-$1,249,999 in RW (8 listings)

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters real estate market in detail.

If you'd like to learn more about the Sisters real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

‘Financial Fitness' Classes Scheduled in Sisters, Oregon

Thu, 10 Sep 2009 13:06:44 -0500

Earlier this year, I attended a free two-hour mortgage-counseling workshop in Redmond that was designed to provide struggling homeowners with information on the ins and outs of the foreclosure process. Hosted by NeighborImpact (the Redmond-based nonprofit group that provides a number of home-related community services to residents of Deschutes, Crook and Jefferson counties), the program offered a wealth of information that is becoming relevant for more and more people in Central Oregon.

Now NeighborImpact is offering a four-part series of free two-hour "financial-fitness" classes in Sisters, which will address everything from budgeting, banking and borrowing to credit-card management. Offered in partnership with the City of Sisters and the Bank of the Cascades, the educational program is open to all Sisters-area residents who'd like to learn how to make more informed financial decisions.

The four classes, which will be held at the Sisters Chamber of Commerce office (291 E. Main), will run every other Tuesday from 6-8 p.m., beginning Sept. 22. Dinner will be provided from 5:30 to 6 p.m. (courtesy of the City of Sisters and Bank of the Cascades).

Here's the full schedule of topics covered:

Sept. 22: "Banking and Budgeting"
Oct. 6: "Maxed Out: Credit Cards"
Oct. 20: "Credit Management and Credit Reports"
Nov. 3: "Borrowing Basics"

For more information or to register for the classes, call NeighorImpact at 541-548-2380, X158, or email info@ci.sisters.or.us.

Wanted: Your Feedback on Health Insurance

Fri, 28 Aug 2009 11:03:05 -0500

Perhaps it's only a coincidence that in the midst of our nationwide health-care debate, I was just notified that my individual health insurance rate has just been raised (again). It's now more than 30 percent higher than it was in December 2008.

In my quest to find a replacement, I've learned one thing: Apparently, no one is satisfied with their health insurance -- at least not anyone posting internet comments about the carriers I've been researching: Aetna, Humana One, Assurant and United Health Care.

So if you have any personal experience with any of the above-mentioned providers -- or with the new RE/MAX Health Plus Plan -- I'd love to hear from you. Thanks.

Recent Home Lending Rules are Presenting Challenges

Wed, 19 Aug 2009 16:58:40 -0500

If you're in the process of buying or selling a home, you may be familiar with the acronyms HVCC, HOEPA, HERA, TIL and MDIA. If you aren't, you should be, because they all could play a role in whether your transaction closes on time -- or, in some cases, closes at all.

Last year, in an effort to curb predatory mortgage lending practices, Congress passed the Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA). Subsequently, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC) to enhance the overall integrity of the home appraisal process. The code applies to all Fannie Mae- and Freddie Mac-backed home loans that originated after May 1, 2009. (It doesn't affect FHA or jumbo loans.)

To insulate the appraisal process from influence by any party with an interest in the outcome, the HVCC requires lenders to establish a firewall between their loan production and appraisal staffs. Consequently, many lenders are now retaining the services of an appraisal management company (AMC), a third-party company that selects, retains and provides payment to the appraiser so the lender has no direct contact with that appraiser.

The Unfortunate Fallout of HVCC
The HVCC was a noble idea that has had some unfortunate adverse consequences for both buyers and sellers. For example, because lenders are now handling appraisals through AMC's, many appraisals are taking longer to complete. And because the AMC's operate nationally but do not have appraisers everywhere, more appraisals are being done by people who are not familiar with the market of the appraisal that has been ordered. Finally, because of the insertion of another entity, the appraisal cost to the consumer has, in many instances, increased (although the appraiser may be earning up to 50 percent less than previously).

In July, after fielding many complaints and concerns about the HVCC, the National Association of Realtors conducted a survey of approximately 40,000 members. Here are a few of its findings:

    • 76 percent of Realtors surveyed reported that the length of time to obtain a completed appraisal report increased after May 1.
    • More than one-third of Realtors surveyed said they have lost at least one sale because of a delay in the appraisal process.
    • 71 percent of Realtors noted an increase in the use of out-of-area appraisers.
    • The number of NAR appraiser members who obtain more than 50 percent of their assignments from AMCs increased from 14 percent to 39 percent after May 1.
    • 71 percent of NAR appraiser members stated that the time they're allowed to submit an appraisal to the AMC has decreased.
    • 86 percent of NAR appraiser members reported a perceived reduction in appraisal quality.
    • Approximately half of NAR appraiser members reported a reduction in fees they received.
    • 70 percent of NAR appraiser members reported that consumers were paying higher fees.

Because of the many concerns about the HVCC, on June 25th, U.S. Rep. Travis Childers (D-MS) and Rep. Gary Miller (R-CA) introduced HR 3044, legislation that calls for an 18-month moratorium on HVCC so that the negative impact of the new code could be addressed (the bill has been referred to the House Committee on Financial Services).

Then There's the MDIA
Meanwhile, as of July 30, 2009, consumers must now also consider the effects of the federally mandated Mortgage Disclosure Improvement Act (MDIA), which was designed to ensure that consumers receive cost disclosures earlier in the mortgage process,

With the implementation of the MDIA, which amends the Truth in lending Act (TILA), creditors are now required to give good-faith estimates of mortgage loan costs within three business days of receiving an application for a mortgage loan and before any fees are collected from the consumer (other than for a credit history).

The hitch may occur in the subsequent new requirements:
1. Creditors must also wait seven business days after they provide the early disclosures before closing the loan; and
2. Creditors must provide new disclosures when there is a change in the APR of more than .125% on fixed rate loans, and then wait an additional three business days before closing the loan.

What to Do?
So, what's the best way to minimize the impact of all these new rules (at least while the bugs are being worked out)?
    1. Choose your lender wisely. Discuss all the above-mentioned changes with them and make sure you both understand them clearly.
    2.  Make sure your appraisal is ordered as soon as possible, and have a contingency plan in case it comes in lower than expected.
    3.  Make sure your closing date factors in all the timelines -- and then meet all those deadlines.
    4.  Allow for a 30- to 45-day closing at minimum.
    5. Buyers: lock in your interest rates and fees as soon as possible.

July 2009 Real Estate Market Snapshot for Tumalo, Oregon

Wed, 19 Aug 2009 12:48:02 -0500

During July, Tumalo's real estate market was most notable for its decreases. First, the number of Active Residential with Acreage listings decreased (from 104 to 97). So did the median price for Active RW listings (down from $759,500 to $725,000). That continues a trend from June, when the median price dropped more than $100,000 (from $898,500 to $759,500), after hovering near $900,000 all year.

Another key decrease was the number of Active million-dollar listings, which fell from 36 to 32. The most expensive listing also adjusted, from $3,900,000 to $3,750,000. And for the first time this year, a price point below $500,000 held the highest number of listings (the $350,000-$399,999 bracket and $550,000-$599,999 category tied with 10 listings). That's good news for buyers, who are beginning to see more value in what has been perhaps the slowest region in Central Oregon to adjust its pricing to reflect the declining market.

More good news (this time for sellers): Once again, there were several sales (pending and closed) above $500,000.

Here are a few July highlights of the Tumalo market:

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 97
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 4
Average Days on Market:      221 days for Active RW listings
                                          273 days for RW listings sold in July

Median Sales Price:               $725,000 for Active RW listings
                                          $346,500 for RW listings sold in July

INVENTORY:
Residential with Acreage: 39-month supply (30 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $123,500
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Points with the Most Active Listings:
$350,000-$399,999 & $550,000-$599,999 (each with 10 listings)
Listings at $1,000,000 or more: 32

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the July Tumalo real estate market in detail.

If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

July 2009 Real Estate Market Snapshot for Sisters, Oregon

Mon, 17 Aug 2009 11:47:08 -0500

July 2009 was a month of increases for the Sisters real estate market. Inventory continued to increase (from 212 to 219, with seven new Single Family Residence listings and no new Homes on Acreage). That high volume of inventory continues to be a long-term concern for sellers and helps explain this month's increase in days on market for both active Single Family Residences and Homes on Acreage.

On the plus side, sales increased again this month, if only slightly (15 pending and closed sales), including the first million-dollar transaction since February.

Here are a few July highlights of the Sisters real estate market:

LISTING ACTIVITY
Active Residential Listings in Sisters: 219 (129 Single Family Residences; 90 Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (1 SFR, 0 RW)
Pending Residential Sales in Sisters: 11 (7 SFR; 4 RW)
Residential Sales in Sisters: 4 (2 SFR; 2 RW)
Average Days on Market:    206 days for Active SFR listings
                                        250 days for Active RW listings
                                        412 days for the SFR listings sold in July
                                        69 days for the RW listings sold in July

Median Sales Price:             $450,000 for Active SFR listings
                                        $785,000 for Active RW listings
                                        $273,885 for the SFR listings sold in July
                                        $404,500 for the RW listings sold in July

INVENTORY
Single Family Residence: 31-month supply (50 sales in the previous 12 months)
Residential with Acreage: 47-month supply (25 sales in the previous 12 months)

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the July 2009 Sisters real estate market in detail.

If you'd like to learn more about the Sisters real estate market, don't hesitate to email me or call me toll-free at 866-963-2760.

A Big-Box Bi-Mart Opens in Small-town Sisters, Oregon

Wed, 12 Aug 2009 16:30:35 -0500

Well, some folks said it would never happen (and some Sisters purists wish it never had), but the town's first discount retailer opened its doors today. And judging by the hefty crowds at the new Bi-Mart, plenty of folks in Central Oregon couldn't wait to see this new addition for themselves.

Even before Ray's Food Place moved into its new location next-door last November, speculation ran rampant about what would happen to the former Ray's mammoth storefront. Soon, Eugene-based Bi-Mart was mentioned as the front-running candidate. Many locals had a hard time believing that was possible.

Certainly, the regional big-box discount retailer -- which boasts everything from a pharmacy, photo/sound department, housewares, sporting goods, automotive parts, hardware, health and beauty products, toys, clothing, furniture and shoes to beer, wine and food -- is a dramatic departure from the norm for our fair town (for one, shoppers are required to "join" via a $5 lifetime membership).

Sisters is most known as a quaint frontier-themed tourist town, dotted with locally stocked art galleries, antiques shops and upscale clothing boutiques. Here, the installation of the town's first fast-food restaurant was a hotly debated controversy for a good long while. Not surprisingly, some residents weren't too keen on the arrival of Bi-Mart.

But those budget-minded folks who live here year-round who've had to drive 30 miles to Bend or 20 miles to Redmond to find competitively priced household goods (many of which weren't available in Sisters at any price) finally have a local alternative, which is a good thing. So is the repurposing of an abandoned 20,000-square-foot storefront that anchors a once-vital shopping center and the creation of some much-needed jobs.

So, welcome Bi-Mart. Let the bargain-hunting begin.

Below are a few photos from today's opening:

About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about real estate in Sisters or Central Oregon, please visit www.CentralOregonHome4You.com.

McKenzie Highway Reopens for the Season

Tue, 11 Aug 2009 12:18:56 -0500

At last, the popular Old McKenzie Highway (also known as Highway 242) has opened for the season, a few days before its Aug. 15 deadline. A nearly $4 million dollar highway improvement project, funded by the Federal Highway Administration, caused the delay (read my blog post about the Highway 242 closure here).

That multimillion-dollar price tag is a far cry from the historic wagon route's original toll of $2 for a wagon drawn by two horses (or $2.50 for a wagon with four horses, $1 for a man on a horse and 10 cents each for loose cattle and horses).

The first route over the McKenzie Pass, which was completed in 1872, connected the Willamette Valley with Camp Polk, near what is now Sisters. The McKenzie Pass Highway became a seasonal scenic highway in 1962 with the completion of the Clear Lake-Belknap Springs section of Highway 126.

Because of the delay, heavy traffic on the scenic byway (which is also popular with bicyclists and pedestrians) is expected. The route should remain open until late fall.

Want to know more about this area?

* Here's my guide to the McKenzie Pass-Santiam Pass scenic byway.

*And here's my photo essay showing the gorgeous fall foliage that can found along the McKenzie Pass-Santiam Pass scenic byway.

Is the Central Oregon Real Estate Market Finally on the Upswing?

Sun, 02 Aug 2009 18:57:25 -0500

Lately, I've been hearing rumblings from a number of folks declaring the market on the upswing in Central Oregon. And at our staff meeting this week, it certainly seemed as if there was a noticeable increase in the number of deals being negotiated.

But the tough thing about specializing in real estate in Sisters is that, although I do produce my own monthly real estate statistics for Sisters and Tumalo, they focus on small markets in which it's tough to pinpoint trends as they develop from month to month. To wit: In January 2009, Sisters had seven residential sales; February: three residential sales; March: one sale; April: one sale; May: two sales; June: seven sales; July: two sales.

Not exactly earth-shattering numbers.

So I decided to do a quick check of this year's sales activity in Bend, which is by far the largest market in Central Oregon, to get a sense of how the year is shaping up there. Because sooner or later, as Bend goes, so goes the rest of Central Oregon.

Sure enough, sales of single-family homes in Bend so far for 2009 do show a steady month-to-month increase, from a low of 68 sales in January and February to a high of 137 in June, with July close behind at 134. (To see the complete breakdown, see the chart below.)

Beyond the Entry Level Sale
And it isn't just the number of sales that have been on the rise in Bend. So have the number of sales of homes above $500,000 -- which would seem to disprove the notion that only first-time buyers are shopping in Central Oregon.

Here's the price breakdown from month to month:
January 2009: 7 sales over $500,000
February 2009: 3 sales over $500,000
March 2009: 6 sales over $500,000
April 2009: 8 sales over $500,000
May 2009: 4 sales over $500,000
June 2009: 10 sales over $500,000
July 2009: 18 sales over $500,000

And here's the overall sales breakdown from month to month:

But the more critical question to be answered about our market is "Is this merely the typical seasonal spike in sales or has Central Oregon turned the corner?" Time will tell. Stay tuned...

Speechless Sunday: Summer Sunset in Tumalo, Oregon

Sun, 02 Aug 2009 18:16:25 -0500

Original photograph of a summer sunset in Tumalo, Oregon, taken by Lisa Broadwater, Broker, GRI; RE/MAX Town & Country Realty, 178 S. Elm, Sisters, OR, 97759. 541-549-3333. All rights reserved and may not be reproduced or reprinted without express written permission For more images or information about Tumalo real estate, visit www.CentralOregonHome4You.com.

McKenzie Highway Once Again Closed for Repairs

Mon, 27 Jul 2009 13:54:16 -0500

On a drive from Sisters to Eugene last Thursday, I was surprised to see that the McKenzie Highway was still closed. Usually, the scenic route -- part of the McKenzie Pass-Santiam Pass National Scenic Byway -- opens in mid-June and remains open until late fall.

The historic old wagon road is a popular destination for locals and tourists alike (to learn more, read my blog post detailing highlights along the McKenzie Pass-Santiam Pass National Scenic Byway). But because the road is so narrow, so winding and so high (elevation: 5,325 feet), it's too difficult to maintain in the snowy winter months, and the snow usually lingers through spring. That means that even under the best of circumstances, folks have a fairly limited window of opportunity for exploring here.

But this year, although the east side of the highway was open briefly to pedestrian and bicycle traffic, the scenic highway will remain closed until mid-August. The reason: ODOT is wrapping up its three-year, $3.8 million dollar project to repair bridges and repave 15 miles of the highway (also known as Route 242 or Highway 242). Let's hope that next year, the route will revert to its normal schedule.

Central Oregon's High Desert in Bloom

Thu, 23 Jul 2009 12:54:40 -0500

Many days, I sleepwalk my way through the early-morning stroll I take through my rural Tumalo neighborhood with my two dogs and two cats (that's right, I walk the cats--they love it, in fact, and follow me as faithfully as my pooches).

Earlier this week, I couldn't help but notice my surroundings. Usually, much of the deserty natural terrain near my home is one of varying shades of brown (especially during a heat wave!). Yet this day, just about every plant in sight was in bloom, and even the most mundane sprout had been transformed into something extraordinary.

After capturing a particularly vibrant purple blossom with my Blackberry and being pleased with the result (that's it, below)...

... I returned with my real camera and went to town, Here are just a few of my favorite finds:

About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon or about real estate in Sisters and Central Oregon, please visit www.CentralOregonHome4You.com.

Images from "Glory Daze" Car Show in Sisters, Oregon

Tue, 21 Jul 2009 20:27:17 -0500

Last Saturday, while returning a library book in Sisters, I stumbled upon an event I hadn't even realized was in town. Just around the corner from the library, folks had gathered for the first annual "Glory Daze Car Show," which meandered along Main Street (plus several side streets).

Automotive aficionados are frequent visitors to Sisters because of the many scenic roadways nearby. So I wasn't too surpised to see that the show had gathered an impressive crowd of car buffs, both young and old alike, by the time I arrived mid-afternoon. There was something of interest for just about everyone, from classic hot-rods of all shapes and sizes (not to mention colors) to old-time pickups and vintage roadsters to my personal favorite: a luscious bright-orange-and-white 1937 Ford dubbed "Creamsicle."

Here's a sampling of some of the show's more eye-catching autos: