October Newsletter With Crater Lake Screen Saver Photo
Stay connected and stay informed about the exciting future plans and developments happening in beautiful Bend, Oregon! We invite you to click the link below to access the latest updates and insights into the dynamic growth and transformation of our vibrant city. Be a part of Bend's journey into the future! Resilient Market The Central Oregon Real Estate Market continues to remain strong despite high interest rates that are stifling financed buyers. Why? I believe it is due to the desirability and quality of life in Central Oregon, bringing cash buyers, while inventory of homes for sale remains very low, creating strong demand. What does this mean for Sellers? With prices softening just slightly in the last 45 days it is still a great time to sell and take advantage of the equity gains seen over the last several years. Cash buyers make transactions more straight forward and easy. If you are considering selling, keep in mind that a clean decluttered home that shows well and working with an agent who is dedicated to your success makes a difference and leads to an overall higher sales price. What does this mean for Buyers? Buyers continue to struggle with prices near all time highs in Central Oregon. However, there are always motivated sellers and good value properties that come to market. These properties go under contract very quickly and buyers must be prepared to take decisive action. Knowing exactly what you are looking for and having an agent who understands the market and can identify properties for you before they come on the market is key to finding the right home at the right price for you. Central Oregon continues to grow. Deschutes county is the fastest growing county in the state of Oregon for a reason. This is a desirable place to live with a high quality of life. This bodes well for the future of Bend and Central Oregon. Reach out if you have any questions. I would love to hear from you. Make It A Great Day! Crater Lake Screen Saver Each month I will share one of my Central Oregon photographs with you. Use it for a screen saver and be reminded of Central Oregon's natural beauty! This month I'm sharing a photo of Crater Lake in winter I shot on a cloudless winter day. I hope you enjoy! Ski Season Is Just Around The Corner! The countdown to winter is on! Opening Day for the 2023/24 ski and ride season is scheduled for Friday, November 24, weather and conditions permitting! As many of you know, I LOVE skiing and have for most of my life. For me, it is the ultimate experience of Freedom in nature and there is nothing better for my body, mind, and spirit than time on my skis. Bend is a SKI TOWN and has been since Scandinavian people came to Bend to work the lumber mills in the early 1900's. With no on mountain real estate, Bend is the home base for skiing and riding at Mt. Bachelor. I will be featuring some of Bend's best ski homes this winter with a series of videos that will take a look inside the latest design, building trends, and some of the best ski rental properties. Stay tuned!!!
Where Are Real Estate Prices Headed???
Zillow Economist Predict Price Increases for 2023 and 2024 As we have seen over the last decade it has been more difficult to predict the future of the real estate market than it was in the past when steady 3%-5% price increases were more the norm. The great recession, the recovery, Covid, and the effects of remote work are all dynamics that have impacted the real estate market nationally and specificall here in Bend, Oregon. Some economist are forecasting possible price decreases in 2024 while others are forecasting price increases. Ultimately, there are many factors that go into deciding when to sell or buy real estate with individual motivations being widely varied, including current and future real estate prices. Like the stock market, we would all love to know we bought low and sold high, however, waiting to time the market perfectly is difficult. We do know that over a longer time horizon, the Bend and Central Oregon real estate market has proven resilient with values increasing due to the high quality of life that continues to make it a desirable place to live. Zillow Economist Forecast Zillow economists are expressing a robust bullishness towards the US housing market, forecasting a surge of over 6% in home prices over the next year. According to their Home Value Index, they predict a rise of 5.8% by the end of 2023, further escalating to a 6.5% increase by July 2024. What sets Zillow's prediction apart is its emphasis on the current housing inventory shortage as a driving force behind rising prices. The reduction in available homes on the market, down by half since July 2019, is a key factor that has maintained the upward pressure on home prices. Despite elevated mortgage rates, the scarcity of homes available for sale continues to exert this influence. Zillow researchers pointed out that this tight inventory situation, coupled with persistently high mortgage rates, is also expected to keep sales volume limited in the upcoming months. The challenge of affordability has been evident over the past year, largely attributed to the impact of high mortgage rates. While such rates traditionally dampen demand, they've also discouraged existing homeowners from listing their properties, favoring the historically low rates at which they financed their homes in the past. This dynamic has led to an uneven housing market, where the prospects of improved affordability hinge on a more significant reduction in mortgage rates. Industry experts suggest that rates would need to fall into the 5% range to unlock greater inventory availability. So, for now prices in Bend have continued to remain at near market highs. If you are considering selling, it can be a great time to capture the growth in equity and if you are buying consider a long growth mindset. Reach out to me if you would like to discuss any of your real estate needs now or in the future. Cheers,
Predictions Where Will Mortgage Rates Go
Mortgage rates have climbed to their highest in almost 22 years and this has drastically impacted buyers who are financing their real estate purchase. What does this mean for the real estate market? As with so much over the last few years, it is difficult to predict and we have seen markets react differently than conventional wisdom holds. Below is a summary of where 8 leading research firms expect rates in Q4 2023 and beyond. Will this lead to a buying frenzie in 2025? Only time will tell. But for now low inventory of homes For Sale is keeping prices strong in the Central Oregon market. The MBA: The trade group projects that the 30-year fixed mortgage rate will average 5.9% in Q4 2023. Beyond this year, the group expects mortgage rates to slide to 4.9% by Q4 2024. Morningstar: Economists at Morningstar project that the average 30-year fixed mortgage rate will average 6.25% in 2023, 5.0% in 2024, and 4.0% in 2025. Goldman Sachs: The investment bank projects that the 30-year fixed mortgage rate will end 2023 at 6.4%. In 2024, Goldman Sachs expects the 30-year fixed mortgage rate will average 5.9%. The National Association of Realtors: Economists at NAR forecast that the 30-year fixed mortgage rate will slide to 6.4% before the end of 2023, and then to 6.0% in 2024. Morgan Stanley: The Agency MBS strategists at Morgan Stanley project that the 30-year fixed mortgage rate will start 2024 at 6.0%. Moody’s Analytics: The financial intelligence arm of Moody’s still projects that the 30-year fixed mortgage rate will average 6.5% through most of 2023. Realtor.com: Economists at the home listing site believe the 30-year fixed mortgage rate will start 2024 at 6.1%. Fannie Mae: Economists at Fannie Mae forecast that the 30-year fixed mortgage rate will average 6.6% in Q4 2023. Then Fannie Mae expects mortgage rates to grind down to an average of 5.9% in Q4 2024. For the calendar year, Fannie Mae expects mortgage rates to average 6.1% in 2024. Whether your looking to buy or sell your home, I'm here to guide you to meeting your real estate goals. Reach out today to get in touch with me.
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