Weathers Changing and so is the Market!!

Fall has quickly come upon us this week in Bend with dramatically cooler weather and trees that are beginning to change their colors. Just two days ago we were water skiing at Crescent Lake in swim shorts and ski vests. Today it's mountain biking with fleece tops and leggings. Yesterday brought some of the first snows of the season to the higher elevations surrounding Bend tantalizing all those who pray to the snow Gods for an early ski season.

As fall is changing our recreational opportunities the housing market is also changing. Last month our office posted the busiest month since 2007. At the heart of the activity is the influx of first time home buyers and investors swooping up some exceptional values in today's market. Many of the better priced properties are receiving multiple offers within days of being listed on the MLS.

With the first time home buyers rebate slated to expire on November 30th there is a rush to find the perfect property for those clients. It will be a tight fit for them to be guided through the process of finding the home they desire, obtaining financing, home inspections, appraisals and closing on the property before the deadline. Those who select the wrong property, wait to long or think that the rebate program will be extended most likely will find themselves left out of the party.

For investors it's finding affordable properties that will bring a good return over the years. The current market has some exceptional properties at prices that pencil out to provide great rental income. Currently bank owned properties offer some of the best values with excellent closing times. Properties in a short sale situation often appear to be great values but often come with lots of frustration in long lead times and poor communication from the third party lenders.

Adding to the mix are the return of normal home sellers who desire to sell their home with out all the drama of the distressed property sale. Many believing that we are near or at the bottom of the real estate markets free fall. While most do not see their home value returning to the illusionary numbers of 2005/06, they feel now is as good a time as any coming up in the near future to sell their home. Upon selling many are taking advantage to buy up taking advantage of the markets tumble.

If you are on the fence about getting into today's market keep in mind that the interest rates of today will not last much longer. Most all of the mortgage professionals that we work with are telling us that by the end of October we will see interest rates begin to rise and will continue to do so well into the new year if not longer.

Fall has so many great opportunities, get out there enjoy all that you can.


Bill Panton
Broker, Duke Warner Realty
1033 NW Newport Ave.
Bend, Oregon 97701
bpanton@dukewarner.com
cell 541-420-6545
office 541-382-8262
fax 541-385-3272