Last year, I wrote a blog titled "The Central Oregon Housing Market Crash isn't coming".
The crash isn't coming.
Here we are, nearly 6 months later. The median sales price in Bend 6 months ago was $680,000. Median price in January was $685k. (Beacon report) The main reason for this is low inventory. If people don't have to sell and give up their ridiculous 2.6% interest rate, they are not going to.
But maybe rates were going to get better, right? Is that what you've been waiting for?
Interest rates are 1 point higher today than they were on September 9, 2022. (Freddie Mac Primary Mortgage Market Survey). Chatter out of the FED just this week suggests a more aggressive and sustained effort to continue to tame inflation with rate hikes throughout the year.
Get this...rates are also about a point higher than they were on Feb 2nd, just a little over 30 days ago.
Here is what I see as a lender:
Many are waiting to see if things get better.
There are good deals in any market, but only for those who are preapproved, working with a great mortgage and realtor team, and ready to go.
"Strike while the iron is hot" should be the mentality in real estate.
Shaun Kent, NMLS #255566, Licensed in OR and WA