A look at the numbers of Bend Oregon houses for sale reveals the trends in Central Oregon real estate. Our Bend Oregon real estate sales can lend insight into the rest of Central Oregon including Redmond, La Pine, Madras, Prineville, and Sisters.
There are currently 855 active properties in the Bend Oregon Multiple Listing Service. From April 19 through April 25, there were 75 new homes listed for sale, and 45 listings with price reductions. The number of average days on the market is 124. The average price of homes sold is $324,000, compared to $294,000 in 2013, and the median home sale price is $226,000, compared to $252,000 last year.
On last week’s “Real Estate Revolution” radio show, we hosted a discussion for the potential sellers out there.
For those thinking of selling their home, a variety of reasons to sell come into play.
1) Quality of life- Homeowners may have growing families, or may be choosing to downsize when kids leave the nest.
2) Moving out of area- Homeowners can examine whether the best choice for them is to sell, or keep the home and rent it out. This doesn’t apply only to instances of moving out of the area, as another reason people move is…
3) Financial sense- If it improves your cash flow, that’s definitely an important factor in looking at whether selling is a good idea for you.
What might be some reasons not to sell?
1) If you’ve got the “seven year itch” that is common in residential real estate (and many other) trends,
2) If you’re looking to “keep up with the Joneses,” or
3) If you want a bigger kitchen or a 4-bay shop,
These are just a few examples of reasons that, while valid, might benefit from a look at the bigger picture to make sure it’s in the homeowner’s best interest to move forward with a sale in the grand scheme of things.
Now let’s take a look at some faulty assumptions that have been circulating among potential sellers in the current market.
1) We are in a seller’s market. This is actually not the case. Inventory has been continuing to increase, which means that it’s especially important right now for sellers to do what they can (within reason, of course) to be the shiniest penny in terms of what’s available. For those who are selling their home themselves, this means that you must be willing to be available and have the knowledge and expertise to navigate the process, including marketing, the negotiating of contracts, and the other ins and outs of navigating and closing a home sale. For those who are looking to sell with an agent, as always, it’s important to make sure to do your research and interview several agents. Buyers are not desperate right now. Sellers are less able to dictate terms than they would be in a seller’s market.
2) I can easily get financing. Although interest rates are still very good, they are continuing to climb slowly, and obtaining financing is a much more complex process currently than it was before the real estate bubble burst.
3) I have the nicest house in my neighborhood/I know what my house is worth. This is another reason to make sure you’ve got a competent agent working with you if you’re choosing to go the agent route. Sellers often have understandable emotional attachments to their homes that skew their beliefs about home value, without understanding, for example, that improvements that have taken place might not necessarily translate into a dollar-for-dollar sales price increase. It’s also easy to misunderstand the prices in flyer boxes of homes for sale around the neighborhood as being reflective of home value, rather than knowing that it’s actually the prices of comparable sold homes that help with that determination.
The bottom line? Arming yourself with the best available information and resources once you’ve determined that your reason for selling is truly in your best interest will set you on a path to success with the sale of your home.
You can check out the “Real Estate Revolution” every week from noon to 1 p.m. on Newstalk KBND at FM 100.1 and AM 1110.