All About Oregon Real Estate

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
High Interest Rates Impacting the Buying Power of Bend Oregon HomebuyersAlthough the 30 year interest rate has moderated a bit from its high of 7.08% hit November 10, 2022, the rapid increase in mortgage interest rates we have seen since the beginning of 2022 has greatly impacted our buyer's purchasing power. Many buyers are regretting that they didn't buy several months ago before rates rose to the levels they are now. But is it really cheaper to buy a Bend home today than it was six months ago? Let's look at the true difference between these two markets and see what the numbers actually say. In April, we were still living under high demand for Bend Oregon homes and a $500,000 property hitting the market would often generate multiple offers, pushing the price up; a final price of $550,...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Should You Update Your House Before You Sell? Some Highlights You may be wondering what needs to be renovated before you sell your house. In today’s shifting market, making your house appealing is more important than ever. That’s why it’s essential to lean on a real estate professional who has in-depth knowledge of today’s housing market. They know what buyers are looking for and how to highlight any upgrades you make. Let’s connect so you know where to focus your efforts so your house will stand out in a today’s market.
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Why It May Be Time To Add Newly Built Homes to Your Search If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. If you’re willing to work with a trusted agent to consider a newly built home, you may have even more options and incentives than you realize. That may be why the National Association of Home Builders (NAHB) says the share of buyers looking for new construction is increasing: “According to the quarterly Housing Trends Report, the popularity of new construction homes is continuing to rebound . . .” Here’s a few reasons more buyers may be drawn to newly built homes. More Options To Choose from and Potential Builder Incentives When looking for a home, you can choose between ex...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Top Questions About Selling Your Home This Winter There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking – and the data that helps answer them – so you can make a confident decision. 1. Should I Wait To Sell? Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market: While buyers have regained some negotiation power as inventory has grown, you haven’t mi...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Saving for a Home If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter.  And to do that, turn to trusted real estate professionals. They can help you plan your finances and prepare your budget. Here are just a few costs experts say you can expect. 1. Down Payment Saving for your down payment is likely top of mind as you set out to buy a home. But do you know how much you’ll need to save? While each situation is different, there’s a common misconception that putting 20% down toward your purchase is required. An article from the Mortgage Reports explains why that’s not always the case: “The idea that you have to put 2...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
A Source of Strength for Homeowners Today - Home Equity Experts agree there’s no chance of a large-scale foreclosure crisis like we saw back in 2008, and that’s good news for the housing market. Mark Fleming, Chief Economist at First American, says: “. . . don’t expect a housing bust like the mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners have historically high levels of home equity, so there likely won’t be a surge in foreclosures.” Data from the Mortgage Bankers Association (MBA) helps tell this story. It shows the overall percentage of homeowners at risk is decreasing significantly with time (see graph below): But even though the volume of homeowners at risk is very low, there is still a small percentage of homeowners who may be coming fac...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
I gave this short speech at the October 6, 2022 Oregon Realtors Fall Convention Board of Directors Meeting, which was held in Seaside, Oregon on the beautiful Oregon coast.  I was asked to provide the Moment of Inspiration at the start of the meeting. I selected "gratitude" as my topic.  Here is the speech: Over the years I have worked with hundreds of Realtors as a managing Principal Broker. Each person is unique, but the one persistent character trait that I have seen that most contributes to their overall happiness and business success is an attitude of gratitude - and there are reasons for this.Medical and psychological studies have shown that consistently grateful people have an increased production of dopamine and serotonin which act like an anti-depressive and activate the feel g...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
What’s Ahead for Mortgage Rates and Home Prices? Now that the end of 2022 is within sight, you may be wondering what’s going to happen in the housing market next year and what that may mean if you’re thinking about buying a home. Here’s a look at the latest expert insights on both mortgage rates and home prices so you can make your best move possible. Mortgage Rates Will Continue To Respond to Inflation There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation. The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years (see graph below): In their latest quarterly report, Freddie Mac explains just ho...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
VA Loans: Making Homes for the Brave Achievable Some Highlights VA Loans can help make homeownership possible for those who have served our country. These loans offer great benefits for eligible individuals and can help them buy a VA-approved house or condo, build a new home, or make improvements to their house. Homeownership is the American Dream. One way we can honor and thank our veterans is to ensure they have the best information about the benefits of VA home loans.
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
VA Loans Can Help Veterans Achieve Their Dream of Homeownership For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits. Here are some things you should know about VA loans before you start the homebuying process. What Are VA Loans? VA home loans provide a pathway to homeownership for those who have served our nation. The U.S. Department of Veterans Affairs describes the program like this: “VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repa...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Key Factors Affecting Home Affordability Today Every time there’s a news segment about the housing market, we hear about the affordability challenges buyers are facing today. Those headlines are focused on how much mortgage rates have climbed this year. And while it’s true rates have risen dramatically, it’s important to remember they aren’t the only factor in the affordability equation. Here are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each one. 1. Mortgage Rates This is the factor most people are focused on when they talk about homebuying conditions today. So far, current rates are almost four full percentage points higher than they were at the beginning of the year. As Len Kiefer, Deputy Chief Economist at Fred...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Homeownership as the American Dream Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the 2022 Consumer Insights Report from Mynd found the majority of people polled still view homeownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool, and it provides meaningful financial stability over renting by locking in your monthly housing payments for the length of your home loan. An article from Forbes explains: “Understanding the potential benefits of homeownership helps individuals see the value of owning property ins...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
There are Many Questions With Bend Home SalesAs we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted: Average sales price up 6.4% to $823,360* Median sales price up 4.4% to $680,000 Average list price up 17.6% to $934,365 Median list price up 4.7% to $725,000 New listings down 23.2% to 129 Homes for sale up 34.5% to 335 Pending sales down 40....
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
3 Trends - Good News for Today’s Homebuyers While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home. As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today. 1. More Homes To Choose from During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year. Even th...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Homeownership Equity Gains Over The Past 30 Years Some Highlights If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership. As a homeowner, equity increases your wealth. On average, nationwide, home prices appreciated by 290.2% since 1991. Homeownership wins in the long run. If you’re ready to buy a home, let’s connect today.
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
3 Questions You May Be Asking About Selling Your House Today Some Highlights If you’re planning to sell your house this year, you likely have questions about what the shift in the housing market means for your home sale. You might be wondering: Should I wait to sell? Are buyers still out there? And can I afford to buy my next home? Let’s connect so you can get answers to these questions and learn about the opportunities you still have in today’s housing market.
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
What’s Ahead for Home Prices? As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward? While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today. What the Experts Are Saying About Home Prices Next Year The graph below shows the most up-to-date forecasts from five experts in the housing industry. These are the experts...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
The Latest on Supply and Demand in Housing (Nationally) Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point. The graph below helps tell the story of just how different things are today. This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year. Now for a look at how the housing supply has changed, turn to the green ...
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By Mel Ahrens, MBA, Kelly Right Real Estate, Customized Choices for your Real Estate Needs
(Kelly Right Real Estate)
Should You Still Buy a Home with the Latest News About Inflation? While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still high, remaining around 8%. This news impacted the stock market and added fuel to the fire for conversations about a recession. You’re likely feeling the impact in your day-to-day life as you watch the cost of goods and services climb. The pinch it’s creating on your wallet and the looming economic uncertainty may leave you wondering: “should I still buy a home right now?” If that question is top of mind for you, here’s what you need to know. Homeownership Is Historically a Great Hedge Against Inflation In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge aga...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Wear a hat and have good shoes if you decide to hike to Little Belknap Crater. With little shade, summertime temperatures can be high, so a fall hike is recommended. This was the second time we hiked to Little Belknap, so we knew what to expect.  We took this hike on October 15, 2022, the last day for the required 2022 Central Cascades Wilderness Permits and we saw a total of 10 other people the entire time. It was a beautiful fall day with temperatures reaching the 60's, and despite some haze from the Cedar Creek fire which has been burning in the Willamette National Forest since early August, the views were good.  After taking in the sights from the top of Little Belknap, we elected to continue on the Pacific Crest Trail to see if we could reach George Lake near Mt. Washington, a plac...
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