AN UPTURN FOR BEND REAL ESTATE?

 7-14-11

In our recent Bend Oregon real estate newsletter we reported some positive indicators for the real estate market here in Bend and Central Oregon. Lower inventory, uptick in median prices and a decrease in default notices. Shortly after writing our newsletter Case Shiller Indexes reported that now was the time to buy Bend Oregon real estate. They have projected a annual growth rate of 11.7% starting after the 3^rd quarter of 2011 until 2016. Case Shiller also named Bend Oregon #2 in growth behind Carson City Nevada’s 11.9% rate. Another local source has pointed out that the Bend real estate market has returned to normal. Meaning we have returned to a level that existed prior to the boom years of 2004-2006. Statistics indicate we are at the same levels we were in 2002 -2004.  Home sales are holding steady and in some categories have slightly increased. We hope those who are interested in investing or relocating to Bend will take advantage of the waning buyers market. It seems the final days of rock bottom pricing are here.

Bend Real Estate Opportunities

6-24-11

Bend is not the only place in Central Oregon for excellent real estate opportunities. Other cities lake Redmond and Terrebonne can also provide investors, retirees and others homes at very low prices. In Jefferson County, Madras can be a great place to start investing in Central Oregon. Prices are much lower than in Bend. Prineville, the third largest city in Central Oregon, has more to offer than most buyers think. LaPine in south Deschutes County is a great area in Central Oregon for those looking to buy a home or investment close to all the outdoor recreation Central Oregon has to offer. Three Rivers South, near Sunriver Resort, has a large amount of recreation for the “want to be” home owner at very affordable prices. If being near the Cascade Mountains is your style check into Sisters. The town is a favorite stop for travelers from the Willamette Valley as they emerge from the Santiam pass. Numerous resorts like Eagle Crest, Sunriver, Caldera Springs, Brasada Ranch, and Pronghorn have great real estate deals waiting for the vacation home buyer, investor or a primary residence for those relocating to the Bend Oregon area. All the areas mentioned above surround Bend and are just a short drive to the downtown area. You can’t compare these cities, resorts or areas to Bend. At 77,000 in population Bend dwarfs them all. Bend also is the main attraction in Central Oregon having everything a person could ever want. The economic downturn has made real estate in Bend Oregon and all of Central Oregon very affordable. If you can’t find that dream property in Bend, don’t stop shopping. See what’s available in the rest of Central Oregon.

Bend Default Notices Increase in April

5-17-11

Is more distressed property for sale in Bend and Dechutes County on the horizon? Judging by increase in default notices filed in April the answer would have to be yes. The sudden rise in defaults can be attributed to the resumption of foreclosures by lenders who choose to put the process on hold late last year. The reason was a problem with robo signings the government was investigating. Now that things have been ironed out the back log of real estate in default is being dealt with once again. How does this effect Bend Oregon real estate? Recently real estate inventory has been low compared to the same time last year. This resumption in the foreclosure process will increase inventory and may stall the liquidation of bank owned homes for sale in Bend. It may or may not have an effect on the already low price of Bend’s distressed real estate. The question to be answered is will there be a slow increase in inventory or will it come all at once. For property values, slow is better. For Bend home owners selling property for old fashion reasons such as, they want too, more low priced homes for sale is bad news. We have hit a low point in pricing that has potential sellers not listing their property. Distressed home sales in Bend already out number traditional sales and no end is in sight. It’s a buyers market. Foreclosure, Bank Owned, and Short Sales are expected to keep Bend Oregon real estate that way for some time.

New Bend MLS Search

5-2-11

There is a new and exciting way to search the MLS for real estate in Bend Oregon. It’s our Advanced MLS Map Search. This new search has all the information as the existing one and more. The most noticeable addition is the interactive map feature that pinpoints where each of your listings is located in the Bend and Central Oregon area. Using the new MLS map search is not difficult. Simply fill out the search form by using the the drop downs in each category or insert a existing listing number if you have one. You can be as detailed as you want. Be aware that the more detailed information you use the fewer listings you’ll receive. Each listing will appear on the map as a red pointer. Left click on the pointer and the property, with address will appear. Now left click on Show Details. Photos that can be enlarged and detailed information pops up. As you spend time with the new MLS Map Search you’ll discover many other functions like the hybrid feature on the satellite view. See the property from different angles and heights. Bend real estate has never been easier to preview. You can do it with out leaving home! Actually you can preview all the Bend and Central real estate listings from our new and improved website.

Bend Building Permits Increase

4-21-11

For some time now new homes for sale in Bend Oregon have been nearly non existent. It appears that may be changing soon. Bend single family home building permit applications were up 45% from the same period last year. Though the number is encouraging it’s a far cry from the numbers we experienced in the hey days. In 2007 Bend permits came in at 287 then went down to 98 in 2008 and 43 in 2009. In 2010 the number rose slightly to 69. The increase of new homes for sale in Bend will give local real estate brokers and their clients a wider selection of homes and neighborhoods to choose from. Pricing of the new homes will have to be competitive with the existing market for success. The future of new home construction in Bend begins in 2011. Another piece of news that is encouraging for the Bend real estate industry is the drop in the unemployment rate. Jobs are on everyone’s mind including investors. People need homes to live in. Some don’t wish to buy and others can’t afford to. They choose to rent. This situation encourages investors to buy distressed properties in the Bend area at bargin prices. They have no problem renting them out. The real estate industry nationwide is hot and cold, but mostly cold. In Bend the signs point to a welcome upturn in activity. The market has been bouncing along the bottom for months but change has arrived. We have a decrease in inventory, an upturn in sales and now the home building community seems to be getting back in the game.  Better unemployment numbers, 15 months of increased tourism and the improving  National economy all paint a pretty picture.

Bend Top Retirement Place

Once again Bend has been named a top retirement area. This time by Retirement Magazine in their May/June issue. The vibrant Downtown and Old Mill Districts attract those who must have big city convenience, health care, shopping and other amenities. The mountains, lakes, rivers, sun, snow and an abundance of public land act as a magnet to those who need year round recreation. All the above and the diverse housing and culture of the area has made Bend Oregon the first choice for many retiring Americans. Retirees relocating to Bend and Central Oregon have a positive effect on the local economy and community as well. Retirement Magazine got it right!

Traditional Bend property listings

We recently received the Bend and Central Oregon real estate statistics for March. There was an increase in sales and also inventory. (Read more in our April  Bend real estate newsletter). Once again distressed home sales were the bulk of those closed transactions. The overwhelming majority of those sales were under $200k. It seams Bend home buyers have become addicted to short sales, REO, bank owned and foreclosures. It doesn’t seam to matter to anyone that there are homes for sale in Bend that are not in distress. Even savvy investors are hooked on the idea that the only good deals to be had are in Bend’s distressed market. It’s difficult, if not impossible, convincing a client that homes for sale, that someone besides a bank owns, or is in control of, can compete with the distressed stuff. When one considers the length of time to transact a distressed deal, condition of the property, location, potential for appreciation, future marketability and/or rental possibilities, the distressed listings in Bend can be anything but a good deal. Oh, and don’t forget the taxes! More times than not thousands of dollars must be spent on damage repairs, deferred maintenance, landscaping, and upgrades to enhance livability before inhabiting or inserting a renter. There can be other surprises too. Some day we’ll write about a few of those. The traditional home sale has many advantages. For starters no bank or lender to deal with, just the home owner and there agent. Length of time to transact and negotiate repairs. Distressed are sold “as is” and take much longer. Generally an owner living in the home will have kept it up where the distressed may have never had any attention at all. Most are move in ready. Owners that want to sell their property know they have to ask a price that reflects current market conditions. Investors, owner occupied buyers and flippers are missing out on a portion of the Bend real estate market that can be very lucrative. There is opportunity in owner occupied homes for sale in Bend and Central Oregon.

Bend Investment Time

Investing in Bend area homes for rental purposes has become very attractive. A recent survey of Bend and Redmond homes and apartments shows an increase in monthly rental rates. The economy was cited for the increases and the fall in vacancy rates. More people are choosing to rent than buy and homeowners who have lost their homes to foreclosure and short sales are adding to the demand for rental property. One expert thinks rents could rise as much as 5% this year. Investors have been taking advantage of the Bend short sale and foreclosure market and now have even more reasons to buy low priced distressed real estate. The inventory of new homes for sale in Bend could be affected as well. Construction is not expected to keep pace with shrinking inventories. Bend’s new home market is only a fraction of what it once was making selection for buyers limited. As inventories shrink prices will surely go up and construction will resume. At the present time purchasing Bend investment property and renting it out makes good financial sense.

Bend Relocation, Real Estate and Tourism

Does Bend and Central Oregon tourism effect relocation and real estate? It’s no secret to those who live, work and play in the Bend area, YES. Simply put, this a great place to live and our visitors quickly discover that. Bend has grown dramaticly over the last ten years. It all starts with people discovering Bend and Central Oregon while on vacation or business. Survey after survey asked visitors would they consider relocating to the Bend area and the majority answered yes. Over the years more and more once tourists and visitors have become residents making Bend and Deschutes County the fastest growing area in Oregon. For 15 months straight tourism has increased in Bend bringing much needed revenue to the area. Bend and Central Oregon has out paced the Pacific North West and the nation in tourism. The Bend relocation and real estate industries have and will continue to benefit. Real estate in Bend is still in demand and more affordable than ever. All Bends great neighborhoods like Awbrey Butte, Shevlin Ridge, North West Crossing and Broken Top are now within reach for want-to-be Bend property owners. The city is encouraging tourism via Visit Bend the Visitors and Convention bureau and C.O.V.A. the Central Oregon visitors association. Both promote the Bend and Central area vigorously. Bend’s real estate community is the big winner along with the hospitality industry. Newcomers create jobs by stimulating the local economy with there spending and some even relocate businesses, or start new ones in Bend. Steady real estate sales continue to chip away at excess inventory and brighter days are on the horizon.

Bend real estate market update

At this time real estate in Bend and Central Oregon is still being influenced by the distressed property sector of the market. The entire area, including the resort portion of the market, has been affected by the endless supply of distressed properties for sale. There is no city, town or resort in Central Oregon’s real estate market that has not felt the effect of recent economic events. But things are getting better. It has taken time but now Bend area real estate brokers representing buyers and sellers have become more savvy when dealing with Bend short sales, REO, bank owned, and foreclosures. Lenders holding these mortgages and properties are also doing a much better job of handling transactions. Short sales have become more predictable, from a time stand point, due to property owners, lenders and real estate professionals becoming educated with processing transactions. Bend REO bank owned and foreclosures have also become easier to navigate. The feeling in the industry is that distressed is the new normal. Traditional real estate listings in Bend make up about 50% of sales and should not be overlooked by buyers shopping for good deals. The lower priced homes seem to be what area investors and those relocating to Bend are interested in. Day after day we see that the majority of sales are under 200k. Bend Relocation to Bend is still driving a large part of the local real estate market. Retirement, relocating for jobs, to start a business or for life style change appear to be the reasons why people are coming to the Bend and Central Oregon area. Another group of buyers are purchasing Bend second homes or vacation nightly rentals for their future. Investment in Bend real estate, including resort properties, has been steady and is not showing signs of slowing. Bend lots and land are popular with speculators and great deals are being made. There are plenty of opportunities to own real estate in Central Oregon. Builders have started erecting new homes in neighborhoods throughout Bend as the 2011 selling season approaches. New home sales and existing home sale are still weak in Bend but there are some signs that things are changing. Inventory for this time of year is low and foreclosures have slowed. Its still a buyers market in Bend and should remain that way for the near future.