How to Rock a Family Opportunity Loan   Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own? Looking to assist a disabled or special needs adult child with housing or his/her own? Or how about putting a college-bound child into off-campus housing that you decide to purchase? All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry.  Until now... The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or vacation homes and investment/rental homes.  And if used in the right situation, the Family Opportunity loan will often permit you to obtain lower rate... 05/05/2022

Are Bend Home Sales at a Crossroads?We have been blogging monthly about Bend real estate trends for many years. Often the data repeats itself month after month and it can feel a bit repetitious. However, since the beginning of 2022, we have noted changes with Bend home sales trends. There may be many things that are contributing to these changes - i.e. inflation, rising mortgage interest rates, the end of the Covid pandemic mask mandates and stay at home orders, the war in Ukraine, and the start of the mid-year election season to name a few. It remains to be seen whether or not these changes will continue as we move into the Bend's peak selling season which runs from mid spring into early fall.When April 2022 Bend single family home sales on less than an acre are compared with those fro... 05/04/2022

Bend Real Estate Sales Up Despite Rising Interest RatesMortgage interest rates for a 30 year conventional loan with 20% down have exceeded 5% for the first time in over a decade.  Despite the decreased buying power this creates for many, especially first time homebuyers, the March 2022 pending sales of Bend single family homes on less than an acre are up an amazing 108% over the year before. Bend home prices are also up with the median sales price now at $775,000. Bend has become a town of the affluent and while affordability has been an issue for many years, it is now a level never before seen.When March 2022 is compared with March 2021, the figures for Bend single family home sales on less than an acre are as follows: Average sales price up 12.7% to $867,475* Median sales price up 31.... 04/09/2022

Bend OR Luxury Real Estate Sales Breaking RecordsIt is hard to believe, but ten years ago million dollar sales in Bend were rare and uncommon. Out of 1679 sales during the preceding 12 months that included February, 2012, only 9 were for more than one million dollars for Bend single family homes on less than an acre. This figure was .5% of total salesThe Bend real estate market has really changed! Out of the 2490 homes that sold during the preceding 12 months that included February, 2022, 433 closed for over $1,000,000, roughly 17% of total sales.  And while many of these sales would be considered "luxury homes," some are properties that just a few years ago were normal middle-class homes; due to extreme demand with little inventory these properties have seen their value increase into t... 03/15/2022

How High Can Bend Oregon Home Prices Go?It seems that every month we are breaking records with Bend single family home sales. Since coming out of the great recession, Bend has experienced high demand for available housing leading to an increase in home prices. But since the Covid-19 pandemic and the resulting "stay at home orders" and recognition that working from home can be a viable option for many Americans, the increase in the number of people wanting to move to Bend has risen beyond that ever seen before. The lack of property for sale has resulted in tremendous price increases, with the median price of a Bend single family home on less than an acre up 67% above what it was in February 2020 when the pandemic began. While builders have tried to keep up with the demand, the price incr... 03/09/2022

Inventory Levels the Biggest Challenge for Bend Home SalesJanuary 2022 began the New Year with the same Bend housing market trends we experienced in 2021 - little inventory with a lot of demand. Bend Premier Real Estate Brokers are working with many buyers who are often discouraged when the available homes are sold before they can offer or end up in bidding wars. But with persistence, many of these buyers do successfully close on their Bend home and enjoy the many benefits of homeownership. Now may be among the very best times to be a Bend home seller. Prices are up, pending sales are up, inventory levels are down, and buyers are paying top dollar for Bend single family homes. Prices reached an all time high in 2021, but they are starting even higher in 2022. We expect Bend homes to con... 02/09/2022

Lack of Inventory the Most Pressing Issue for Bend Oregon Real Estate 2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed. When 2021 is compared with 2022, the sale of Bend single family homes on less than an acre show the following trends: Average sale price up 26.6% to $774,860* Median sales price up 27.7% to $645,000 New listings up 2.4% to ... 01/11/2022

One of Central Oregon's more popular summer hikes in the Three Sisters Wilderness, we decided to hike Tam McArthur Rim 11-27-21 a few days after the first snow of autumn had fallen.  Three Creeks Lake had icy sections and only one other couple started the hike just a few minutes before us. We began our hike utilizing microspikes as the trail was icy and the added gripping security microspikes offer enabled us to quickly climb the initial miles of the hike. The snow deepened as we climbed and the trail became less obvious.  However, we were able to follow the tracks of the couple who started the hike just before us, trusting that they knew where they were going.  The hike to Tam McArthur Rim levels out near the summit into an open meadow.  On this hike the end of November, we found the w... 12/14/2021

Bend OR Real Estate Sales Still Strong November 2021Bend homes prices are still rising, despite the seasonal slowdown that is experienced in 4th quarter. Demand is strong, but there is a significant reduction in inventory as is typical in the fall, especially once the holiday season begins. The median home price of a Bend single family home has broken a new record and is now pushing $700,000. More purchases this fall have involved loans as compared with the 2021 summer when cash buyers usually won in a multiple offer scenario. With fewer multiple offers, more buyers with loans are having their offers accepted. If the price of the home works for their budget, first time homeowners are now seeing their offers accepted.When November of 2021 is compared with November of 2020, the following ... 12/10/2021

Bend Oregon Inventory Levels Down and Prices UpCentral Oregon is now in the fall season and typically during fall, Bend real estate sales drop. However, Bend single family home sales in October 2020 were anything but typical with sales breaking historic records. Speed forward to October 2021. While lack of inventory is still impacting prices, compared with the frantic fall sales of 2020, home sales in October 2021 seem more measured with offers often undergoing counter offers and negotiations on home repairs back with most transactions. This is a win for Bend homebuyers and for sellers, a strong sellers' market makes it a great time to list.When October 2021 is compared with October 2020 for Bend single family homes on less than an acre, the following changes can be seen: Average sales ... 11/08/2021

Redmond Oregon's First Three Quarters 2021 Reflect Strong Home SalesWe haven't looked exclusively at Redmond Oregon single family home sales for six months.  We know that home sales have been strong throughout Central Oregon with prices up and inventory levels down. But as a community without a lot of single family luxury homes, Redmond attracts a great number of people for whom Bend has become unaffordable.  Although a smaller community to Bend, Redmond has also had prodigious growth over the past decade.  The Covid lockdowns and work from home orders have also impacted Redmond with more people moving there than available inventory creating bidding wars and pushing home prices up. When we compare the first 3 quarters of 2021 with 2020 for Redmond single family home sales on less than a... 10/20/2021

Are Bend Oregon Real Estate Sales Returning to Normal?Are we getting back to a normal, seasonal adjustment to Bend real estate sales? Typically Bend single family home sales drop off in the fall once children start back to school and regular fall activities resume.  Bend's usual homebuyer in the fall includes retirees, the second home buyer and investors.  However, Bend home sales fall of 2020 did not drop off with homebuyers snapping up available property at amazing levels through the end of October. Sales remained above normal even through the holidays.As we reported in an earlier blog this year, Bend home sales started shifting from the frantic buying seen over the past 12 months to a more normal level in July, 2021 and this trend has continued through September. Although well priced... 10/08/2021

Experts Predict a Changing Bend Real Estate Market It is a bit of a puzzle to figure out how the Bend Oregon real estate market will wrap up the year.  Experts are really struggling right now when it comes to forecasting where our market is headed in terms of home prices and interest rates.  As put by CNBC, "Fall is usually the start of the slower season for the housing market, but nothing is usual in today's pandemic-driven housing market." 2019 was an excellent real estate year across the country, but the 2020 market was truly unique when the pandemic initially tanked Bend real estate sales and then on the rebound, sales were escalated beyond what had ever been seen.  Work from home orders provided an opportunity for homeowners to rethink where they lived. This resulted in locations ... 10/06/2021

After a month of terrible, hazardous air due to smoke from several forest fires settling in the Bend Oregon area, on Saturday, 9-11-21, Central Oregonians were thrilled to experience clean air as the bad air dissipated and the normal sparkling blue skies of September returned. We had planned on hiking Green Lakes on 9-11 as part of the series of scheduled hikes we had set up in April due to the newly implemented 2021 Wilderness permit system.  However, we were ready to cancel if the air quality was as it had been the Saturday before - extremely hazardous with limited visibility and health recommendations to stay indoors. As we drove up Century Drive towards the Green Lakes trailhead, the remaining smoke in the area was evident until we passed Widgi Creek and all of a sudden, the skies w... 09/14/2021

Bend Oregon Real Estate Trends MixedAs we move into Fall, Bend home sales typically slow as those who need to move prior to school starting have already purchased and the normal slight uptick we see in September and October with retirees and second home buyers has not yet begun. In 2021, August single family home sales on less than an acre for Bend reflected a mixed market with prices and new sales up, but closed sales and new homes for sale down. When August 2021 home sales are compared with August 2020, the following changes are seen: Average sales price up 18.7% to $776,735* Median sales price up 19.8% to $635,063 New listings up 5.8% to 273 Homes for sale down 56.1% to 276 Pending sales up 41.3% to 431 Sold homes down 23.7% to 232 Median days on market down 40% to 6 Months of supply... 09/09/2021

There Has Been Strong Demand for Central Oregon Homes in All CommunitiesWe have been focusing a lot on Bend real estate trends over the past year, but it is important to look at what has been happening in other cities in Central Oregon. We often look upon Redmond, La Pine and Prineville as wonderful towns in which home prices are more affordable and can be great options for buyers for whom Bend is too expensive. Sisters' home prices have been more comparable to those in Bend, but its unique lifestyle, size and location closer to the Willamette Valley make it a small town that may be a destination location for very specific buyers.The real estate trends for Redmond, La Pine, Prineville and Sisters follow similar patterns to those for Bend, but at different values. The chart below outline... 08/20/2021

Buyers and Sellers Have Different IdeasAfter months of seeing record breaking prices where multiple offers, bidding wars, and buyer panic was the norm, we are finally seeing this historic balance between buyers and sellers start to reverse both nationally and in our Bend Real Estate market. The major reason for this… Buyers have simply had enough! Although those saying it’s a good time to sell reached another record high according to a recent Fannie Mae survey, home sellers saying it’s a good time to buy also reached an all-time low. We are certainly seeing this trend locally as well with an end to the recent “panic” buying and even a lot of “price improvements” as buyers are no longer willing to pay thousands or even tens of thousands of dollars over asking price.Souring buyer sentimen... 08/12/2021

Bend OR Real Estate Trends Starting to ShiftAsk most Central Oregon Brokers what happened with July 2021 real estate sales, and they will tell you that they saw a change to the market during the month. Although prices were up considerably over those from a year ago, compared with June, 2021, prices actually were down on average.  A good number of price reductions were seen on a daily basis and the pace and number of multiple offers on listings were dramatically down. Compared with a year ago, the trends we have seen over the past year remained consistent, but not at the extreme levels experienced during the Covid lockdowns. Some offers on properties are now experiencing counter offers and the days on market are lengthening.  It remains to be seen whether or not these trends will continu... 08/11/2021

We have lived in Bend Oregon since 1985 and have hiked to Tumalo Falls and beyond many times. This lovely waterfall, located not far from Bend's westside, also is in the Bend Municipal Watershed where the majority of Bend's water comes from. Most tourists hike the 1/4 mile from the parking lot to the view point at the top the falls. But for those who are willing to continue hiking past Tumalo Falls on the trail toward Happy Valley, the rewards of many additional waterfalls are well worth the effort.On July 31, 2021, we hiked the alternate route to Happy Valley, traveling up North Fork Trail #24, climbing 1300 feet to the Junction of trails 370 and 4601 and from there to Happy Valley. Happy Valley has changed a lot over the years we have hiked there.  What used to be a remote location ha... 08/05/2021

To reach Camp Lake, part of the Chambers Lakes in the Three Sisters Wilderness, hikers starting at the Pole Creek Trailhead have to trek trough 4 miles of dead trees, the result of 2012's Pole Creek Fire. We did this hike July 24, 2021 and it was a warm day. Despite the heat and the dry conditions, we saw some interesting things along the way, among them what we believe was a young Red Tailed Hawk sitting in one of the burned trees as it scouted the area for rodents. We also had fun crossing the North Fork of Whychus Creek as it flows out of Diller Glacier on Middle Sister. The remaining 3 mile trek to Camp Lake is in alpine wooded areas with fabulous views of Middle and North Sister. Just before reaching Camp Lake, the views open and South Sister becomes the main mountain visible, towe... 07/30/2021