"We have already recommended Teri to a number of friends and acquaintances. Buying was such positive experience, that when it comes time to sell, we'll be using Teri as well!"
"We are happy homeowners thanks to Teri. She took the time to educate us and provide information on topics such as short sales, types of mortgages, interest rates, etc. Because of her, we had a positive, streamlined short sale experience!"
"I never once felt pressured. Throughout the house hunting process, Teri was primarily concerned with ensuring that I found the right property for me. She has a great balance of intelligence, advocacy and focus!"
"One of (Teri's) greatest assets is the ability to provide helpful, educational information for first time homebuyers, like myself."
March 2010 Blog - Bend Oregon Real Estate Market Trends
Bend Oregon Real Estate Market Trends
Hello World! My goal here is to give you a good idea as to the Bend Oregon Real Estate market trends. Currently there are 1909 residential properties listed in Central Oregon. Last month 450 new listings joined us and 207 were sold leaving Central Oregon with 9.2 months of inventory.
One of the most interesting statistics that I watch is the New Notices of Default (NOD) for Deschutes County. In 2006 there were only 230 all year! So far this year there have been 731….in just two months! Last year we averaged 315 per month. This figure represents the number of home owners who have just started missing mortgage payments and are entering the pre-foreclosure phase of this process. Meaning in a year, they will most likely loose their home and the bank will have another home to sell.
What does this tell us?
It leads me to believe that there are still many many more homes to hit the market. We have just come thru two huge NOD years (1989 in 2008 and 3791 in 2009). With 731 todate, it is pretty safe to assume that 2010 will see even more NODs than 2009. Meaning that 2011 we can still expect many foreclosures to hit the Central Oregon market continuing to pull real estate prices down. Until we work thru all these pre-foreclosure,I don’t see how real estate prices level out and they certainly can not start returning lost value to home owners.
My advice is to sell NOW if you need to sell anytime in the next 5 years. Now is your greatest value. Who knows what will happen with values after 5 years.
If you are a buyer, buying now takes advantage of the great interest rates!
However, don’t be discouraged. And this is why. It is expected that interest rates will begin inching up here very soon due to the fact that at the end of March 2010, the government is expected to discontinue subsidizing interest rates. Did you know they were doing this? That is what has been keeping our interest rates at such amazing lows.
So, what I am saying is that as interest rates go up, prices will still be going down. This should even out. Your monthly payments – should you purchase a home – should remain near the same. This should be an encouragement to you if you are a buyer.
AND, if you are a First Time Home Buyer, contact me NOW to get the best deal and that is low rates, low prices AND a tax credit! Wow! Tie up a home by April 30th and close by May 31st to be eligible for an incredible First Time Home Buyer Tax Credit. Free money! Gotta love it! The best way to reach me is by calling me on my cell: 541-350-8424.
Teri Green Bend Oregon Real Estate - Senior Real Estate Specialist 541-350-8424
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www.BendOregonRealEstatePLUS.com
