July started slower with buyers pausing for fireworks and parades but we're back in action with 121 homes now pending in Bend since July 1st with an average list price of $970,610 but a median list price of only $730,000. As inflation and cost of living are hot topics, I wonder if Bend is losing the affordability battle? The U.S. Department of Housing and Urban Development defines "affordability" as a monthly payment to be no more than 30% of median income, so Bend's $74,253 median income household should keep payments to $1,856, but if your household brings in $150,000, then a more realistic mortgage payment of $3,750 keeps your budget in check. I will never push you over your limits, and encourage staying conservative so that buying a home is exciting and will always enhance, not stress, your life.
Bend Real Estate: still a slight Seller's Market
Market Recap for 97703, including Bend's NW section
Your Questions, Answered:
Q: A home is advertised as having an assumable loan at 2.5%. What does this mean? A: It sounds too good to be true, but a seller may indeed have an assumable loan for which the buyer can "inherit" the low mortgage rate. The buyer will have to be qualified at the lender's specific standards for this loan, and it's worth the ask! In a recent example, a home listed for $1,350,000 with this low assumable rate would have same monthly payment as a $900,000 home at today's rate.
Q: With higher interest rates is it still better to buy vs. rent? A: This dilemma is shifting over time as carrying costs are higher and rents are leveling out. To figure out the breakeven point for the number of years you need to live in a home to break even, add up the total costs of purchasing the home, including closing costs of the loan, title and escrow, plus the carrying costs which are the mortgage payment, property taxes, homeowners insurance, HOA dues, maintenance, repairs and updates. Then divide this sum by your NET gain, which is the market value at the time of sale less selling costs, less purchase price. If you want to skip the spreadsheet, I also love online calculators like www.nerdwallet.com - play around on the rent vs. buy calculator. It's fun! (for me at least, ha!) Keep in mind the calculations don't take into account the stability of controlling where you live and for how long, and in an appealing market like Bend where long term appreciation should always play out, I'm a huge proponent of buying.
In case you haven't heard, Thornburgh, a 2400 acre luxury community, is coming to Central Oregon. Golf, private lakes, trails, and a variety of home plans have a launch goal of 2024. Controversial for its water demands and wildlife impact, the developer got approval after decades of appeals. Click the photo for the resort's website.
I'm excited to announce that I will be hosting The American Dream TV in Bend, OR. The show is a nationally syndicated program that airs on national networks of CNBC, Bloomberg
TV, the Travel Channel and other cable outlets, and streaming on Amazon Fire, Apple TV, and Roku with significant viewership on social media.Follow me on social media for announcements, behind the scenes footage and a sneak preview. Airing in August!
Avenir Realty is a proud sponsor of the Oregon Golf Classic at the Pronghorn Golf Club, benefitting the American Cancer Society.
If you're interested in playing or becoming a sponsor, click the photo for more details.
September 23rd - Sponsor Reception in the Lava Cave (I can't wait!!!)
September 24th - Golf Tournament
Our Latest Real Estate Activity
click photos for active listings for more details
Closed - Buyer
Closed - Seller
Closed - Buyer
by Stephen Saunders
Ranch at the Canyons
by Mitch Albertson
Deschutes River Woods
Bend, with room for ADU
up to $850,000
NW or SW Bend
up to $950,000
no remodeling needed
Insights for buyers and sellers on today's market
The motivation for buying and selling a home should always focus on your personal circumstances, rather than try to time the market in the hope it will deliver a better home or cheaper deal.