Signs of a housing recovery in Bend are growing ever stronger. The Bulletin, Central Oregon's largest Newspaper is reporting that the current single family home inventory, (homes currently for sale) has dropped from its high in August of 2007 by approximately 50%.
In August 2007 the average amount of single family homes for sale stood at a whopping 1600 units. Today's inventory of single family homes for sale is now averaging around 785 units. A quick review of the MLS database shows the current number of single family homes for sale to be closer to 1000 as of today. That number will fluctuate up and down as homes sell and new homes come on the market. November is historically a slower month for real estate sales.
The city of Redmond is experiencing a similar shift according to the news story. Bill Watkins, a California economist who has been studying Central Oregons economy was quoted as saying, "That's absolutely good news, a decline in housing inventory is a precondition for a recovery."
What does that mean for home buyers and sellers? For Sellers, it means that your homes value is likely reaching it's lowest depreciation levels, which means that it is not a good time to sell unless you are seriously upside down on what you owe to the bank and what you could sell your house for. If that is your situation, I can offer you free consultation on the options you have available to get out from under such a burden.
If however your need to sell is not pressing, you may just see your homes values start to appreciate sometime over the course of the next year as long as Bend's housing inventory continues to shrink.
For Buyers, this gives further reason to jump of the fence and find the home you want to purchase now for the following reasons:
- Better Selection of Homes To Choose From
- Seller Sentiment Is Still Open To Lower Offers
- Tax Credit For Home Buyers Has Been Extended to April 30th and Expanded To More Buyers
Bank Foreclosures and Short Sales continue to be some of the best deals in real estate. Contact me if you'd like an up to the minute list of homes that are currently the best deals in the marketplace right now.
Tarris Rogers, REALTOR
541.390.7878 direct line
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