The real estate market in Bend, nestled in the picturesque landscapes of Central Oregon, has been a hotbed of activity in recent years. With stunning natural beauty, a thriving local economy, and an influx of newcomers seeking a change of scenery, it’s no wonder Bend has become a prime destination for relocation. However, the dynamics of this market shifted in 2023, offering new opportunities for those perhaps on the sidelines looking to invest in a property.
Statistics from the Beacon Appraisal Report reveal that the median home prices in Bend have stabilized in 2023 after years of rapid appreciation. While the median home price is high ($730k in Dec) compared to the national average, this stabilization signifies a more balanced market. Furthermore, the inventory of available homes has increased, offering more choices. Higher mortgage rates have reduced demand which means there may be less pressure to act quickly as homes are often on the market for longer periods of time. A more balanced marketplace along with the recent softening of mortgage interest rates suggest that now might be the perfect time to make the leap into Bend’s real estate market.
While it’s a favorable time for buyers in some regards – less competition and more inventory to choose from – interest rates remain much higher reducing demand. That’s where programs like Homes for Heroes can help along with perhaps a motivated seller offering a seller credit to assist buyers with a mortgage rate buy down and closing costs. If mortgage rates continue to drop – expect the demand to increase in Spring of 2024.
Often overlooked in the headlines are entrapped potential home sellers afraid to purchase a new property at a much higher rate, losing access to current advantageous terms. A more balanced marketplace allows a homeowner to make a contingent offer on a property that offers more space for a growing family, or to downsize from a larger home via a contingent offer that removes some of the risk associated with selling and buying a new property, i.e. – “I can’t buy your home until I sell my home.” Homeowners should explore all their options and utilize programs like Homes for Heroes which offers a dual benefit scenario for the sale and purchase of a new property to aid in the process.
How can you qualify? Simple! Here is the list of qualified applicants which represents many of the people in our community: Firefighters, EMS, Law Enforcement, Military (Active, Reserve & Veterans), Healthcare Professionals, and Teachers. As an affiliated Homes for Heroes Realtor, I can help you register with this program which also includes savings with affiliated Lenders & Title & Escrow companies.
A well-conceived plan usually ensures a successful outcome. While many are discouraged with the current real estate market, there are more opportunities than you might think. I encourage you to reach out for more information and personalized assistance. Let’s make your goals a reality while receiving the recognitions and benefits you deserve for your invaluable service to our community and country.
Source: Beacon Appraisal Report