Bend Oregon Real Estate

Selling Your Home

Shortage Of Homes to Buy May Last Another Year

Shortage of Homes For Sale to Continue Across Nation The real-estate story used to be all about prices, most recently, "When will prices stop falling and when will they rise again?"

Now the story is about inventory: When will more homes come to market, at least enough to meet the buyer demand? At least one economist is predicting that the "inventory bottom" could be a year away.

With so few homes for sale in many areas, real-estate agents have found that aspects of the bubble are back: multiple offers, sellers who will accept only cash and homes selling for more than asking price.

The boogeyman of the shadow inventory turned out to be much less than feared. Instead of the market being flooded with low-priced foreclosures, it has seen few homes for sale at all. The number of homes listed for sale was at a 13-year low in January, down about 25% from a year ago.

Trulia economist Jed Kolko is predicting it may be another year before the supply of homes for sale rises significant, he writes:

Now, the punch line: It could be at least another year until national inventory starts expanding. Of course, inventory will probably turn up this spring and summer because of the regular seasonal pattern, but the underlying trend will be less inventory than is typical for each season, not more. … Ultimately, the inventory turnaround will depend not only on how fast prices are rising, but also on whether prices will have been rising for long enough to encourage homeowners to sell and builders to build.

According to his analysis of recent data, the decline in inventory started shortly before prices hit bottom, with the sharpest fall just before and after that bottom. Then the rate of inventory decline slows, especially after a year of price increases.

However, he notes that cities such as Phoenix and Miami, where prices have been rising for more than 18 months, are continuing to see inventory fall.

Mike Simonsen,  Altos Research, cites three reasons for low inventory: lack of new construction, banks and homeowners holding on their properties just a little longer as they see prices rise, and mortgage-modification?n programs that keep people in homes that would otherwise go into foreclosure and then on the market.

Simonsen notes that homeowners are responding in a way that is just the opposite of what was predicted when the giant shadow inventory was foreseen. He writes:

"In actuality, it seems the psychology has been reversed: As prices have climbed, those who (still) own their underwater homes finally see light at the end of the tunnel. The longer they hold, the closer they are to recovery. Why sell now if you don’t have to? Maybe you’ll make it out alive!

Banks are acting similarly. The owners of underwater mortgages have no incentive to unload quickly. Their assets are appreciating. Furthermore, as home prices increase, fewer and fewer people are at risk of default. The shadow is shrinking in the noonday sunshine of rapidly re-inflating home values".


Do you have questions on the Bend Real Estate market? Contact Greg Broderick, Broker @ (541)280-2363 or (800)689-2363


Luxury Home sales soar...

Sales of luxury homes spiked in the final months of 2012 as high-end homeowners rushed to take advantage of lower tax rates before January 1.

Note: The real estate recovery continues to pick up speed, not just in Bend, OR but across the nation. If you would like to discuss the local bend real estate market, Please call Greg Broderick, Broker at (541)280-2363

(CNN Money) Many sellers wanted to cash in on their homes before a widely expected capital gains hike -- to 20% from 15% -- that was part of the fiscal cliff budget deal. High-income earners (singles with income of $200,000 or more and couples making more than $250,000) also wanted to close sales ahead of a 3.8% Medicare surtax on investment income that was already slated to go into effect this year as part of the Affordable Care Act.

All told, a high-earner would pay $88,000 less in taxes if they made a $1 million profit on their home in 2012 rather than in 2013.

That considerable tax savings motivated many wealthy homeowners to move fast. According to the National Association of Realtors (NAR), sales of homes valued at $1 million or more spiked 51% in November compared with a year earlier.

In Manhattan, one of the most expensive markets in the nation, the number of sales of home valued at more than $10 million jumped 44% year-over-year during the last three months of 2012, according to broker Brown Harris Stevens.

"Ever since last summer when people realized that the fiscal cliff was approaching, there was an incentive to get deals done," said Meredyth Smith, an agent for Sotheby's International Real Estate.

Several of her clients hurried to close by the end of December. When one prospective buyer couldn't move that quickly, the seller called off the deal entirely, she said. He may re-price it entirely before putting it back on the market this year, she said.

Some sellers lowered prices for buyers who promised to close before January 1. John Parsegian, an agent with Halstead Property, helped broker a $14 million condo sale in midtown Manhattan that closed in late December. The seller had structured the deal so that the home would cost $175,000 less if it finalized before January. He also threw in some furniture.

Other sellers prevailed on co-op boards to speed up their approval processes, according to Sotheby's CEO, Philip White. Managing agents representing co-ops and condos, had trouble handling all of the paperwork for all the sellers who were anxious to close.

For the first time in 26 years, Jonathan Miller, president of New York appraisal firm Miller Samuel, had to turn away business. "I call it 'bedlam in appraiserville,'" he said. "It was clearly skewed toward high-end properties."

Looking ahead, all those rushed deals could mean a slight slump in high-end sales early in 2013, said White. Not only will buyers be in shorter supply but the inventory of luxury homes has dropped precipitously.

But White thinks the drop-off will be short-lived. Historically low interest rates should continue making the long-term cost of buying these homes attractive to buyers. In addition, foreign buyers continue to invest in U.S. properties and many domestic buyers are starting to come off the sidelines now that home prices are starting to recover.



New Homes Sales Surge

Median sales price up 11.7% Nationwide


Marketwatch Sales of new single-family homes in the U.S. rose 5.7% in September to a seasonally adjusted annual rate of 389,000, the highest pace since April 2010, when the first-time homebuyer tax credit was initially due to expire, the Commerce Department said.

“Though the level of new-home sales remains very low, this report adds to the evidence of housing market recovery,” said analysts at RDQ Economics.

The government revised down the sales pace in August to 368,000 from a prior estimate of 373,000.

Economists surveyed by MarketWatch had expected new-home sales in September to rise to an annual rate of 387,000, given recent gains in other housing-market data, such as confidence among home builders, as well as housing starts and permits. 

We have experienced double digit price increases in Bend OR YTD


Despite the gain in September, the pace of new-home sales remains relatively low compared with a peak of almost 1.4 million in 2005. But it’s improved 42% from a low of 273,000 in early 2011 as mortgage rates have hit record lows, foreclosures have dropped, and the jobs picture has slowly improved.

U.S. stocks were mildly higher on the session. An exchange-traded fund of home builders has more than doubled in the last year.

The median sales price in September shot up 11.7% year-on-year to $242,400.

The supply of new homes declined to 4.5 months at September’s sales rate from 4.7 months in August.


Call Greg Broderick, Broker if you have any question on the real estate market in Bend, Oregon


The Bratton Report - Bend, Oregon


Just in... The Bratton Report for Central Oregon

October 2012. View the latest market update on the Central Oregon real estate market here on . Click on link below to learn more about the local homes for sale and homes sold trend, while viewing charts, graphs & statistics on what is happening in todays everchanging Bend Real Estate landscape. through September of 2012. (Hint, It's all good news for local property owners).

Have a question on the data? We know Bend Real Estate! Call (541)280-2363 or email to ask a local expert about a home purchase or sale in Deschutes County. The Hasson Company Realtors and Greg Broderick, the Sign of Experience. View Bratton Report here


Listings of Homes For Sale Drop, As Housing Market Recovers


Housing Inventory Down...

The number of homes listed for sale in the U.S. fell 18 percent last month from a year earlier, and the time they stayed on the market dropped 11 percent, signs of a strengthening housing market, according to data. You can watch a video about the recovery here

There were 1.8 million homes for sale in September, down from 2.2 million a year earlier and more than 40 percent below the September 2007 peak of 3.1 million, according to the National Association of Realtors’ website. Properties on the market last month had been listed for an average of 95 days, down from 107 days a year earlier, said today.

"The real estate recovery is well on its way in Bend, Oregon. The home buyers who have sat on the fence for the last18 months will now find the market more competitive, with prices in Bend, OR up 10% YTD. The good news is, interest rates are at record lows, and many well priced homes still currently exist in the market place". Greg Broderick, Broker (541)280-2363

“There’s a recovery,” Curt Beardsley, vice president of, operated by Campbell, California-based Move Inc., said in a telephone interview. “Our market times are low and there’s actually a compression of inventory.” Read more on a housing recovery here

Demand for homes has begun to rebound as low interest rates and property prices 30 percent below their July 2006 peak increase affordability. The number of repossessed homes and short sales coming to market also is declining. Foreclosure filings, including notices of default and bank seizures, dropped in the third quarter to their lowest level since 2007, RealtyTrac Inc. reported on Oct. 11.

Rising demand is starting to push up home values. The median asking price was $191,500 last month, up 0.8 percent from a year earlier, according to

Inventories have fallen the most and asking prices risen the fastest in regions that were hit hardest by the real estate crash, such as cities in Arizona and California, according to data from 146 metropolitan areas. At the other end of the spectrum, asking prices fell in both Chicago and Philadelphia, one of only two cities where the number of listings increased. The other was Shreveport, Louisiana.

‘Older, Industrialized’

“Older, industrialized areas have economies that don’t turn around quickly,” Beardsley said in a telephone interview from Austin, Texas, where he was traveling for work.

Sales of previously owned homes climbed to an annual pace of 4.82 million in August, the highest level in two years, according to the Chicago-based National Association of Realtors. Sales probably declined to a 4.75 million pace last month, the median estimate of 59 respondents in a Bloomberg survey. September data will be released Oct. 19.

Source: Bloomberg


Your Bend Home For Sale - Does it need a white picket fence?

Great First Impressions. Your Homes Curb Appeal.

Many of us grew up hoping we'd one day own the perfect American suburban dream, a home with a white picket fence. And, there is a certain charm and warmth that comes with a house lined with pickets. However, when you look at fencing today and the options available for your home, there is a lot more to choose from and so you can and should shop around! First of all your fencing should be determined by your lifestyle needs and surrounding area. Are you located on a sprawling ranch or nestled between lofts in the city? Your fencing may need to be dictated by those factors, in part. Do you have a need to keep animals in or out? If so, special electric dog fencing, a solid wall or deer fencing may be essential for your home. You can learn more about selling your home by increasing your curb appeal here

Blend In, Not Out.

Next, you should consider the overall look and feel of your home and landscaping. Your fencing should blend with your existing structure, unless you purposely choose a more distinctive look. Keep in mind that the height of your fence will matter, as well. Remember, the fencing is more than just a barrier against the outside world, it also sets the tone for the look and feel of your home. You See great examples of homes for sale with killer curb appeal here

Make sure you evaluate the type of materials that would be best used in terms of maintenance. Lattice and wood fencing will require more regular maintenance than vinyl, metal mesh, wrought iron or post and rail options, but may be your best choice if expense is an issue. The more decorative the fencing, the higher the cost, generally speaking. There are a variety of quality material now availbale to the do it yourself-er!

Does your neighborhood in Bend, OR allow Fences?

Obviously privacy and security are always considerations when it comes to your home and fencing, so it's important to make sure you feel comfortable with your chosen materials and design. Take the time to carefully evaluate local resources such as your neighbor's fencing choices and your local home improvement store to gain a good understanding of what is available to you before making your decision. Sometimes a combination of fencing types is the best way to ally all your concerns and create beauty in the fencing of your home. And be sure to check with the city of Bend or your local HOA prior to construction. In many cases, a permit may be required, or at least HOA approval.

Need a good contractor in Bend? Call us for several recommendations.

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