New Price on Cool Mid Town Home!!

Centrally located, a short distance to so many places… close to Downtown and Mid-Town shopping, Juniper Park and its aquatic/fitness center are just steps away. This home would make a great vacation rental and is priced to sell at $175,000!! Take a Visual Tour and see for yourself.

Bend Oregon July Market Trends

Here is the market trend report for July, I am a little tardy in posting this.

As one might expect the months of inventory on homes under $425,000 has increased as summer has attracted more sellers to the market. The inventory for homes in the price categories above $425,000 have actually dropped slightly.

The current list price to sales price ratio has remained in the high ninety percent range. The difference between original list price to sales price continues to shrink and is now at eighty eight percent. This is an indicator of how the smoking deals are disappearing from our market and that sellers have adjusted their pricing expectations.     

Our market continues to see investors that have been bolstered by Bloomberg's Businessweek report that Bend is number two on a list of the fastest recovering markets by 2014. Zillow's report that Bend is leading the nation in home value depreciation has many thinking that Bend is still ripe with opportunity. As the original list price to sale price ratio shows those bargins are starting to disappear.

The Roller Coaster called Bend, Oregon…

What a roller coaster ride, one day Bend, Oregon is predicted by Bloomberg Businessweek will be one of the fastest recovering markets by 2014 then Zillow reports that Bend is leading the nation in home value depreciation.


While the news of our market is mixed these days there are positive trends to report from Bend. Using data from the Central Oregon Association of Realtors MLS through Trendvision, the inventory of homes on the market has shrunk by 47% when compared to July of 2008 and 33% from last July. Currently there are 1587 properties on the market in Bend, down from 2363 last July. Looking back the last six months has produced the lowest inventory levels since 2004.

Sellers appear to be facing the reality of the current market conditions and are pricing their homes closer to today’s values. The differential from original list price versus sold price has increased 5.3% from last year at this time.

With sellers pricing their properties more realistically the days on market has dropped to the lowest in two years. The average time a home is on the market has decreased to 135 days versus 150 days last year.

So what’s it all mean, have we hit bottom? No one knows for sure, are we close? It sure has all of the appearances of being close to the bottom. What could we use as a gauge? How about using properties under $300,000, the ones that are good homes and are well priced have been getting snapped up quickly. Above $300,000 and on into the upper reaches of our market remain soft but there too if the property is well priced it disappears rapidly.

Another signal is the return of buyers from outside the area, buyers who see value in the properties here and wish to buy before the best values are gone. With the list price to sales price ratio shrinking the days of finding the killer deal is fading. One more positive signal is the success by a select few builders who have returned to the market to fill the niche for buyers who wish to have a new home.

In spite of our fall from grace Bend remains and will continue to be a great place to live! While our real estate market may bounce along the bottom for a bit of time our dry climate, the large variety of outdoor activities, enjoying that we are one of the great beer cities of the west and the access to flights from the Roberts Field that allows for quick access to all points beyond Bend are among what makes Bend a desirable place to live. Bend is a great place to live just as it has been since long before its recent popularity.

They just keep dropping...

In case you have not heard Freddie Mac reports that long-term mortgage rates have moved down again.


This week interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago. For those of you in position to take out a 15-year mortgage, they have hit a huge low dropping to 3.95 percent, down from 4 percent last week and 4.63 percent a year ago. Five-year adjustable-rate mortgages also reached a historic new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago.

For those who have been on the fence about purchasing a home or refinancing these rates should prove enticing. It is unlikely that interest rates will soar anytime soon but why take chances. You would hate to be the one who says man I should have moved quicker on those rates.

These historic rates and the dramatic home bargains available allows one to buy much more home for the dollar than any time in the last ten years.

If you where in Bend what could you do for your weekend...

A few excerpts from some of our friends...

Don't forget about the First Friday Art Walk! 5-9pm Downtown. Check out the participants and art here: http://www.downtownbend.org/august-first-friday-art-walk/

Need childcare for the art walk? Check out Drop & Hop! A youth arts and music event while you enjoy art walk. http://schoolofenrichment.com/event.htm

From the Bend Deschutes Brewery and Public House First Friday Art Walk, Come One Come All, Great Beer, Great Food, Great Music All Downtown Here At Our Pub, Only One Day A Month Don't Miss OUT!!!! First Friday BBQ in the back alley of the Bend Pub tonight! Grab a pint, some tasty BBQ & listen to live music from David Miller & the Champagne Jam Band as you gaze at Joe Frang's fabulous artwork! 5-9:30pm. See you there!

Grab Your Floaties, Kayaks, Canoes and Paddle Boards to Race For The River!
We are launching a brand new event this year that is sure to be a community favorite. Starting at Riverbend Park, racers will vie for the number one position in several different heats ending in the Les Schwab Amphitheater. Food, beverages, live music and fun will follow at a community wide celebration in the heart of the Old Mill District in the Central Plaza. Race for the River

From the pages of Visit Bend, The crème de la crème of funkified parisian antiques & vintage finds are at the French Flea Market this Saturday from 10-4pm at Pomegranate Home & Garden in Bend. Score some treasures from vendors & artisans from all over the west coast while munching on some fresh crepes!
http://www.pomegranate-home.com/

Visit Bend also shares that a reel good time is sure to be had at the Orvis Fly Fishing Casting Competition happening on August 12-15. A festival, food, free casting instruction and the world’s best fly casters converge on the 18-hole fly casting course at the Old Mill District. All proceeds benefit the Deschutes River Chapter of Trout Unlimited.
Bend Casting Competition

If you're happy about the Bend Ale Trail and want to show it ... like it on Facebook here http://www.facebook.com/pages/Bend-Ale-Trail/136346183055413
And kindly tell your friends.

Want the latest on Mt Biking in the Central Oregon area keep up with the latest COTA news; read the August newsletter: http://www.cotamtb.net/August10Newsletter.html

Fund Raiser for the Bend Fire Pipes and Drums
‎10 Barrel Brewing and Pub is gracious enough to donate a portion of their profits on Tuesday 8/24/10 5-9pm to the Pipes and Drums and the Bend Fire Fighters Foundation! Portion of all sales will be donated! Please come and join us for dinner and help out a great cause! Band members will be guest servers that night, kilted and all! We may even play a few songs that night...

 

Les Schwab Amphitheater at the Old Mill District

The St. Charles Free Summer Sunday Concert Series presents Dangermuffin

this Sunday August 8, (americana/rock/reggae) and Victor Johnson (americana/folk) on August 15. Join us for a family friendly afternoon of great music from 2:30-4:30pm. Bring a picnic, the kids, your dog and some sunscreen for a fun filled afternoon in the sun.

Get ready to welcome

Bob Dylan and John Mellencamp on August 27

Clint Black and Luke Bryan on August 29
Willie Nelson visits Friday, September 17th, 2010, Ryan Bingham & The Dead Horses will open the show. His album Mescalito and a performance at Austin City Limits helped bring him into the national spotlight in 2007 with his gritty south of the border (lyrics in Spanish and English) Americana Roots Rock sound.

Tickets are on sale now via Ticketmaster and the Ticket Mill in the Old Mill District.

Great Music is in the air!

For me I will be out camping enjoying the warm summer days on the lake…

Buying rental property makes sense…

With vacancy rates for Bend rental homes hovering around 3.5% and home prices at ten year lows and interest rates at historic lows, the time is right for investors to pick inexpensive properties. The low vacancy rates are not likely to change anytime soon, many people have given up the fight to keep their mortgaged homes and have been forced out into the rental market to fulfill their housing needs. Those who have lost the battle to keep their home now face having their credit severely damaged for at least two years possibly longer, making purchasing a home all but impossible for the next few years. This scenario should keep the rental market strong for many years to come.

For those folks with the means and capital reserves now may be the time to take advantage of today’s market conditions. Currently there are 25 homes listed in the Bend market under $140,000 that are not short sales, nine of these homes were built in the year 2000 or after. Many renters are looking for modern comfortable homes that are easy to live in and do not require a large commitment for upkeep.

A good example is a three bedroom home with one and a half bathrooms built in 2007 currently listed at $132,900. With a 25% down payment and an investor’s mortgage interest rate of around 5.5% rate, an investor would be paying approximately $770 a month for principal, interest, taxes and insurance. A quick survey of Craigslist would show that a home of this caliber should fetch a monthly rental of approximately $950-$1250. This would put you on the path to having a positive cash flow.

Positive cash flow is just one benefit of a rental property, not to be over looked are the tax benefits of owning a rental property. Check with your accountant for how a rental property could best work for easing your tax burden. Currently the near term outlook for appreciation on a rental property is unlikely the long term prospects for Bend are good. Those who took advantage of the real estate downturn in the eighties to buy rental properties are still chuckling today.

Those who are skeptical of the Bend market should remember that all of the qualities that made Bend popular a few years ago are still here, it just that a few of our warts are now more apparent. People will still want to move to Bend because of its proximity to outdoor recreation, dry climate, great beer and easy life style. Bend will never be an employment Mecca but for those who are determined there is always a way to make the lifestyle work. Maybe owning rental properties will be part of your portfolio for successful Bend living.