Affordable Housing In Bend Oregon?
Posted Feb 23, 2008 @ 4:44 pm, Viewed by 368 Visitors, Read 397 Times.Bend Real Estate Market Report- Affordable Housing is Back!
I remember a time about 1 1/2 years ago when there were only about 5 homes on the market in Bend for less than $300,000. Today there are currently 416 stick built homes on the market in Bend for less than $300,000. 19 of these homes are priced less than $200,000. WOW!
Affordable Housing Statistics
- The average price of these 416 homes is $262,904.
- The average Square Feet of the homes is 1550 sq ft.
- These affordable homes have been on the market for an average of 147 days.
Buy now or wait?
Hmmm... Interest rates are hovering around 5.5% and there is a supply of affordable homes in Bend. The inventory of homes has been declining, and interest rates won't get much lower if at all. Why wait? I remember when buyers had no options, and homes sold quick. It was hard to buy an affordable home in Bend because there wasn't much inventory. Any decent deal had mulitiple offers on it, and usually got swallowed up by investors.
Now is a great time to buy. Most buyers who wait for the bottom will miss it.
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I'm a Realtor in Bend, Oregon. I specialize in representing buyers in real estate transactions throughout Central Oregon. I've lived in Bend for almost 10 years. Read More
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$300K is affordable for whom? Californians (god bless their tiny souls) who want to move here and are waiting to sell in anyplace (other than Cupertino), will not be arriving here very soon because their homes have lost too much equity and they have to compete with thousands of bank owned foreclosures... the locals who depend on a local wage still cannot afford to buy. I think the median price needs to get below the $200k range before you will see any kind of ability in buying from the locals and the investors and flippers won't even "pencil" for another ten years and will spend their wad on short sales and repos in CA... if they can qualify. I hope I'm wrong. tj