Real Estate News | April 2023
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Photo: Deschutes River Canyon viewed from an Awbrey Butte trail. Bend, OR
Those who know me know that I love a good chart, graph, or spreadsheet which is why I love doing research for these newsletters. This graphic below from the National Association of Realtors (from just before Covid) was surprising even to me! Buyers clearly want to live in our beautiful area, but where do the Sellers go? In my own experience in the past 12 months, many moved within Central OR but my clients also moved to Sacramento, Tucson, Houston, Hillsboro, Lake Havasu, Ft. Worth, Flagstaff, Placentia, Salem, San Clemente, US Virgin Islands and Australia. Moving closer to family has been a driving reason. What would make you leave? Market conditions are improving - see more data below - so reach out if you would like a customized home search or analysis of your home's current market value.
-US News & World Report
On 4/18, a credible lender states a 5.25% jumbo 30-year rate!?! Freddie Mac states an average of 6.27%.
Since December, the number of new listings, median list price & sold to list price ratio are trending up. Days on the market is shortening. See MLS Data below.
Unemployment is a bit higher in OR, WA and CA, ranging from 4.3% - 4.7%, due to recent layoffs in the tech sector. - KCM
Data from Fannie Mae. Seasonality may play a part in the uptick, but I believe more sellers are more confident it's a good time to sell because they're more likely to be able to afford their next home. Rising wages and lower unemployment are offsetting the higher mortgage rates, creating a sense of security and willingness to move forward with real estate plans.
Serving all of Central Oregon, we specialize in sellers and buyers looking to downsize for retirement, move into a larger home, or a home with closer proximity to trails, rivers, or local amenities.