Real Estate News | May 2023

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Happy Spring! Bend is blooming and so are our moods! Read on for the affordability of 3 Central Oregon towns, evidence of pricing a home correctly, millennial market power, current real estate topics, a new agent introduction, and market activity. More importantly, I'd love to hear from you. Are real estate concerns keeping you up at night? What are your questions about the market, your equity, the right time to sell, is it better to rent or buy/sell? I'll address your concerns personally and in next month's newsletter! Reach out via my contact info below.


By the Numbers: How do they Compare?


Redmond
​​​​​​​Median Price: $589,000
Price/ SF: $323
​​​​​​​Ave DOM: 66

Bend
​​​​​​​Median Price: $972,493
Price/ SF: $442
​​​​​​​Ave DOM: 69

Sisters
​​​​​​​Median Price: $1,325,000
Price/ SF: $503
Ave DOM: 84



Price Isn't Everything


In a recent pricing analysis for a potential seller, it was helpful to evaluate past sales' relationships with various factors, including square feet (SF) and Days on Market (DOM) - see graphs below. 3200 SF homes sold for between $1.2M - $1.5M. DOM for that same price range varied from 0 to 260. 7 factors seemed to be at play - I'd love to share them with you, and help you evaluate what could influence your sale besides just the price.



Carrying Costs add up, which is another reason to list your home at a price the market will bear... quickly. Time is money: add up the interest, taxes, insurance, utilities, and misc landscaping & upkeep. If you've moved out before the sale, staging your home will yield a higher return, but only if you price your home correctly up front, otherwise the carrying costs will eat away at your profit. If you're flipping a home, don't forget to add in this important line item in your calculations. See the graphic below for one example, and ask your favorite realtor (i.e., Me!) to create calculations based on your home value and expenses.



Millenials in the Market


Millenials now make up the largest generational demographic since the Baby Boomers. In 2022, they comprised 43% of all home buyers. Lender pre-approval is important especially for first-time home buyers who may not realize what they can qualify for.



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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.