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REAL ESTATE NEWS | JANUARY 2024

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REAL ESTATE NEWS | JANUARY 2024
Snow shoeing to Todd Lake
 
Happy Snow day! My favorite way to embrace winter if I'm not staying inside to read for hours is to ski and snowshoe at Mt. Bachelor, Virginia Meisner & the Deschutes River Trail (so far... and it's only January!). Let's make some plans!
 
How will the 2024 real estate market compare to 2023? After reflecting on last summer's interest rates peaking at almost 8% and threatening to dash seller and buyer dreams, Jonathan Miller, president and CEO of Miller Samuel Real Estate Appraisers and Consultants , called 2023 "the year of disappointment," but he's calling 2024 "the ‘year of incremental change.’” I agree with the CNN Business article that 2024 will bring gradual improvements in home sales, prices and mortgage rates, but there will be few sudden moves.
 
New listings are slightly ahead of last year, signaling a trend of increased inventory into 2024. Sales are on the rise, and we're looking at a 15% increase in home sales for 2024. Mortgage rates are in the 6% range, but it's critical to also have a relationship with your lender to take advantage of the best program for you, including discounts for doctor loans, VA, first time homebuyers, investment homes occupied by family members (your college students or parents for example), and more. Time to get creative in the housing market!
 
Do you want to stay up to date? Subscribe to Avenir Realty's Altos Research Reports to stay ahead of the game. Click the link below and call me for analysis.
Market Trends
What are list prices doing? They're not dropping. Market action is higher as inventory is low and demand is increasing. Buyers: if there's a home you love now, I recommend negotiating on the price now rather than hoping for the price to drop. Other buyers aren't going to wait as long as they did last year (we're going to see lower days on market) and you'll be competing with more buyers in a few months, collectively driving prices higher.
Bend Over $1,000,000
 
Median List Prices were higher
in 2023 vs. 2022
 
Over 22% of all home sales in both years were over $1,000,000
Sold vs. List Price
 
Sales prices over $1M throughout 2023 ranged from 96 - 98% of list price. Low ball offers didn't fly in spite of the lower number of total transactions.
 
Join Avenir Realty
in Charitable Giving
 
We've been collecting winter outerwear for Family Access Network (FAN) all month! Thanks to Matt Vogel at Loan Depot and Sara Hobin at Mountain Burger for joining our efforts!
 
Plan a meal at Mountain Burger & see our team on 1/22 when 10% of all Mountain Burger proceeds will support FAN!
Avenir Realty's Latest Real Estate Activity
(LB: Laura Blossey. SS: Stephen Saunders. TE: Traci Engel.)
click photos for more details
Just Listed: New Contemporary Home in Madras!
$1,195,000
 
Pending (TE & LB)
$499,000
Pending (LB)
$615,000
Active (LB)
$3,500,000
Active (LB)
$2,395,000
Active (LB)
$1,250,000
(2 homes on 1 lot)
Active (TE)
$890,000
Central Oregon Real Estate Articles
Bend's median sales price should continue to climb
With more homes selling above a million dollars in Bend, the median sales price will continue to climb in the coming year, according to real estate professionals.
Bend park district sees path to bridge the divide over controversial project in SW Bend
Bridge building is an oft-used metaphor when discussing ways to bring two opposing sides together. But in Bend, the proposal to build a bridge over the Deschutes River has for years driven people apart.
Drain freeze! Here are a few tips to avoid frozen pipes
Burst pipes due to freezing weather can cause flooding and expensive repair bills.
Falling mortgage rates should boost home sales: Fannie Mae
Fannie Mae economists no longer expect a recession and are considerably more optimistic that mortgage rates have additional room to come down below 6 percent.
LauraBlossey
Founder and Principal Broker
 
Lic# 201204340
All information deemed reliable but not guaranteed. If your property is listed with a real estate broker, this is not a solicitation of brokerage services. LauraBlossey, License 201204340, Avenir Realty.
 
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(949) 887-4377

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1051 NW Bond St., #410
Bend, OR 97703