Real estate experts at yesterday’s Bend Chamber of Commerce Real Estate forecast breakfast conclude that for the next year (probably a bit longer) that our local market will remain status quo. This means that good homes that are well priced will continue to be in tight supply.
Home buyers shopping in the $650,000 and below have found this portion of the market to be extremely competitive. With plenty of well funded buyer’s the market is expected to remain tight on inventory helping fuel steady growth in home prices.
Interest rates have been bumping up lately affecting how much home first time buyers can afford. Redmond remains a good value for those first time buyers looking to find a solid home. Overall these increases have not affected the average buyer as rates are still historically low.
Those waiting for the region to hit the wall and see retreating (or crashing) prices, you will need to wait. With plenty of buyer’s coming in from outside of the Central Oregon region, the end of this cycle is still over two years away. Once we see the larger west coast markets begin to falter expect to see the Central Oregon market follow.