Photo: Sunset from my Deck
June has been a whirlwind of activity, with nonstop Seller and Buyer activity. The Fed's decision to pause rate hikes may play a role, and also people's decision to simply live where they want to live - whether within, into or out of Bend. Thank you for responding to my request for real estate concerns which I'll address here. But first, some market updates.
Is real estate this month as busy as it seems? Yes.
Bend, OR Month-to-Date:
169: New Listings
195: Pending Sales
117: Price Changes
5: Contingent Sales
52: Open Houses this week
Inventory is increasing, but note that Buyer demand (pending sales) is outpacing new inventory. Pricing fairly up front is as important as ever, but price changes should help these Sellers keep up with their competition. Nationally (and likely locally), there is a decrease in sales to investors, likely due to the high interest rate - it's simply harder to pencil.
Stephen Saunders, Broker at Avenir Realty, presents exceptional weekly market updates for Bend, Sisters and Redmond. Watch here & subscribe to stay current on Central Oregon market activity!
Your Questions, Answered:
- Q: How do I advise an aging parent who needs to sell but has deferred maintenance or repairs needed on her home?
A: While there are many investors and DIY'ers who are looking for an upside in equity, the problem is they want a deal - a huge deal. If a higher sale price is important, a good real estate partner should be able to schedule and manage repairs and even a minor remodel of kitchen, bathrooms, and walls (picture Grandma's wallpaper). If funds are an issue, I would participate in fronting the funds with a return at closing, for example, and your parent's realtor may too. In short, my answer is to guide your parent to make major repairs, ideally minor repairs and minor updates as well. A higher sales price will outweigh these costs.
- Q: Should I list my home before finding a replacement home?
A: This is tricky, but in this heating market my short answer is yes. If your home isn't already on the market, your offer price typically needs to be higher than if you are already showing good activity on your listed home. If not already listed, we'll need to state how soon you'll list your home (5-7 days max is typical), and then I negotiate how long your home can be "non-bumpable" to give it a chance to sell (2-3 weeks after listing for example). After that, another buyer can bump you out of position with only 3 days' notice. If you were already listed, you get a jump start on the timeline with a marketing strategy of announcements, open houses, advertising, etc. And don't worry, your listing can be contingent on finding an acceptable replacement home.
"Please Pardon Our Progress"
Transportation Projects 2022 - 2031
To keep up with our growing population, Bend voters approved a $190M bond for new overpasses, bike lanes, roundabouts & more. I attended a meeting with a city planner who described smart and safe growth based on 1) modeling after other well-planned mid-sized cities 2) working within our urban growth boundary 3) increasing density with more taller building and mixed use neighborhoods (retail under condos or multi-family intermixed with single family homes), 4) combined zoning for industrial/ commercial/ residential (like Stevens Ranch) and 5) working with Parks and Rec to plan parks in all parts of town (like Pine Nursery in NE Bend offset by the new Alpenglow Park in SE Bend). I'm impressed with the vision developed between City departments. Increased density and amenities throughout town will reduce traffic as people will be more likely to walk or bike to their destination. Click the graphic below for more details.