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Is it a Good Time to Buy or Sell a Bend Oregon Home?
Bend Home Buyers and Bend Home Sellers Have a Different Perspective
After months of seeing record breaking prices where multiple offers, bidding wars, and buyer panic was the norm, we are finally seeing this historic balance between buyers and sellers start to reverse both nationally and in our Bend Real Estate market. The major reason for this… Buyers have simply had enough! Although those saying it's a good time to sell reached another record high according to a recent Fannie Mae survey, home sellers saying it's a good time to buy also reached an all-time low. We are certainly seeing this trend locally as well with an end to the recent "panic" buying and even a lot of "price improvements" as buyers are no longer willing to pay thousands or even tens of thousands of dollars over asking price.
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Souring buyer sentiment is not the only reason we are seeing our national and local housing market starting to correct this supply/demand imbalance. Here are 3 more indicators:
- Permits – Building permits, which are an indicator of future homebuilding activity, have been on the decline for months. It appears that homebuilders are being wary of flooding the market with too many homes relative to demand.
- Building Costs – After seeing some amazingly high lumber prices that are 4-5 times normal, the costs per 1000 board feet have reversed and now sit at their lowest levels since late last year. This is a welcome sight for homebuilders and remodelers as lumber pricing had skyrocketed out of control.
- Pending Home Sales – Pending home sales are another great indicator of future housing activity. According to Fannie Mae, pending home sales tumbled in June and now sit near their historic average. Although the national July figures are not our yet, consensus estimates are calling for further declines.
What does all this mean to our Bend Oregon Real Estate market? First, home sellers need to realize that although demand remains strong, we are no longer seeing the kind of panic buying of recent months and pricing your home correctly is as important as ever. For many, this means lowering expectations and not just testing the market, as this usually leads to a longer selling time and lower final profit at closing. And for both home buyers and home sellers, it is very important to be working with an experienced real estate agent who is knowledgeable about our changing market in order to price and negotiate the best deal for you.
Bend Premier Real Estate Brokers are experts with Bend real estate and can help you navigate the sales process whether you are a buyer or a seller.
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