Top 5 Things You Need to Do When Selling Your Home

Cleaning up your act may seem like common sense when putting your home on the market, but many real estate agents will attest to the fact that numerous homes on the market miss the mark. In a brief (and decidedly unscientific) survey of a cross-section of our agents at The Garner Group, some common themes quickly emerged when it came to advice for home sellers. So, if you are selling your home, remember this practical advice for the top five things you can do to have good showings and, ultimately, sell your home!

Number Five:  Do the Repairs
If you know what home repairs need to be completed, do them before you list your home for sale.  If not, take the initiative and have a home inspection done on your dime. The inspector may find things you weren’t even aware of, and fixing them could help you close a sale when it comes right down to it.

Number Four: Curb Appeal
Clean up the outside. Curb appeal and first impressions are literally enough to make or break a sale. If buyers don’t like what they see when they first pull up, it is unlikely that they will even come inside, or – if they do make it inside – their minds will already be made up on the property.  And it won’t be in your favor.

Number Three: Price It Right
Listen to your agent – he or she is an expert in market values in your area. Do some research and market analysis on your own and you’ll have a good chance at landing on a fair price that will move your home quickly. Markets are always shifting and changing so having someone whose scrutinizes the real estate industry daily on your side is a big plus.

Number Two: Make it Smell Nice
Get a thorough cleaning by a professional before you list your home. This will give you a good starting point as you keep your home at “showable” quality throughout the sales process. If someone walks in a house that isn’t clean, or smells bad, it is an instant turnoff. Make sure there are no pet odors and that garbage has been taken out regularly. Our sense of smell affects every other sense in the body – including the desire to buy (or not buy) a home.

Number One: Clear the Clutter
Far and away, the number one piece of advice from experienced agents to home sellers: clean up your act. De-clutter, organize, get rid of your personal belongings – even if you have to rent a storage unit. Buyers want to envision the home with their own things inside of it, and that’s hard to do if a seller’s items are strewn all about. 

For more tips on Bend, Oregon real estate, visit us at The Garner Group Real Estate! 

The Garner Group Real Estate in Bend, Oregon Welcomes Two New Agents

We're excited to welcome Lauri Miller and Christina Wise to our Bend, Oregon real estate team!  They each bring lengthy experience in different segments of the real estate industry.

A Central Oregon resident since 1987, Lauri Miller has a lengthy background as a Certified Public Accountant. She served for 19 years as Chief Financial Officer of Eagle Crest Resort, accumulating experience on the financial side of real estate development. Later, as a consultant, she was interim Financial Director for the city of Redmond. Lauri has been active in several community organizations and is currently a member of the St. Charles Health System Board of Directors. Lauri lives in Bend with her husband, Charley Miller, and a canine family member, Porter. They have two grown daughters: Campbell, a recent Dartmouth College graduate, lives in New York City. Shelby is attending Lewis & Clark College in Portland. 

With over 20 years of experience in fields related to real estate, Christina Wise has gained extensive knowledge of the industry. She has title and mortgage company experience and held a real estate license in Washington state before moving to Bend in 2000. She earned her Oregon broker’s license in 2001 and returned to real estate sales in 2010 after holding marketing and sales positions in the title industry. She is a native of Portland, Oregon and studied in Eugene before starting her career. Christina has two grown sons, David and Joseph, and a teenage daughter, Katie. While she participates in numerous Central Oregon outdoor recreation, fitness and community activities, Christina’s passion is softball. She has played for 30 years and currently plays league softball with Bend Parks and Recreation. She is an avid supporter of local high school sports and music programs.

One More Weekend for COBA Tour of Homes in Bend, Oregon

You have one more weekend to visit us at the Central Oregon Builders Association Tour of Homes! We are proud to be the presenting sponsor of this event! You can come see us at any of the following homes on the tour, and we'll be happy to show you around some of the best examples of Bend, Oregon real estate. Many of the homes we represented won awards for the tour. We are so proud of all our builders! Congratulations! 

• 2341 NW Floyd Lane, NorthWest Crossing. Tyee Development Inc.
• 2155 NW Lemhi Pass Drive, NorthWest Crossing. Leader Builders LLC
• Best Architectural Design
• Best Feature (Interior Architecture)
• 2355 NW Floyd Lane, NorthWest Crossing. Stone Bridge Homes NW
• 2487 NW Drouillard Avenue, NorthWest Crossing. Makena Custom Homes
• Best Landscaping
• 20528 Avro Place, Woodhill Park. Woodhill Homes Inc
• Best Interior Finish
• Best Master Suite
• Best Value
• Best of Show
• 1352 NW Elgin Avenue, Northwest Bend. Woodhill Homes Inc.
• Best Landscaping

Check here for a complete list of winners. 

More Good News! Bend, Oregon Real Estate Rocks

Bend, Oregon real estate is hot right now. We're excited to see the market shifting, which is creating some unique "problems" like low inventory. The classic laws of economics can be seen at work, as this low supply is driving up prices on residential real estate listings. New home construction is continuing to rise, helping to alleviate some of the inventory demands (new construction sales have increased by 65% over last year), but constraints remain.

Active residential listings at the beginning of May were 18% below the same point a year ago. Last month the gap was 8.5%. This is pushing the number of sales down in comparison with last year at this time. The current inventory calculation is three months.Average year-to-date sale prices in Bend are 27% above last year at this time, with the price per square foot up a similar amount. This calculation is similar to CoreLogic index figures for the Bend Metropolitan Statistical Area, released May 7, that show March prices up 3.3% from the previous month and 19.8% over March 2012.

The inventory pinch is not the only factor supporting higher prices. Building material costs are rising across the country. National Assn. of Home Builders chief economist David Crowe said prices of gypsum, softwood lumber and concrete are running above 90% of housing boom levels. This is causing home construction costs to rise faster than appraised values.

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Low Inventories & Strong Prices for Bend, Oregon Real Estate

Continuing on it's upward swing - along with the rest of the nation - the Bend, Oregon housing
market report is still positive. The only "negative"? Low inventories are making it hard for some buyers to find what they're looking for, thus affecting total number of transactions recorded. Yet, with the laws of supply and demand, this phenomenon is keeping prices strong.

Low inventories might not last, as builders are taking up the slack: new construction represented 27% of homes sold so far this year, nearly double last year at this time. According to a recent article in realtormag.com, construction job growth is marking recovery. "While commercial construction job growth is most impressive—a 3.1 percent seasonally-adjusted gain over year-ago figures and an addition of 15,500 jobs in the past 3 months—residential construction employment isn't lagging too far behind. The sector was up 0.6 percent over the last 3 months, reflecting the 3,300 jobs added over that time."


In the Bend, Oregon real estate market, sale prices remain strong. The average sale price in Bend year-to-date in 2013 was 18.7% above the same period in 2012. The average sale price in NorthWest Crossing was 5.7% above YTD 2012 and 39.5% higher than the Bend area. Active residential listings in a March 5 snapshot were 17.3% behind last year and represent 2.5 months of inventory. The national absorption rate is tracking downward at 4.2 months.

Calculations above and figures in the accompanying table are based on Central Oregon Multiple Listing Service data. They represent single-family detached homes on less than one acre in the greater Bend area extending from Tumalo to Alfalfa.

Want to learn more? Visit our website at thegarnergroup.com or follow all the latest news on our Facebook page.

Housing Economics Improve on a National Level...

And Bend, Oregon real estate is on the same curve!

We've been reviewing news from around the country, and are happy to report that the sentiment for housing and real estate is trending optimistic and positive. In fact, the top headlines today on realtor.com are putting smiles on our faces - check it out:

If you don't follow us on Facebook, you should. We often post news that catches our eye and can help you make educated decisions when it comes to your real estate future. Recently, in the Los Angeles Times, an article reported that median prices are showing biggest gains since 2005 and USA Today said that housing is the key to future job growth.

Want to know more? Contact us today at info@thegarnergroup.com or call 541-383-4360.

Bend, Oregon Real Estate Continues to Strengthen

We never get tired of reporting good news! And the Bend, Oregon housing market has definitely had a lot of good news lately. Firmer prices and more home sales are just a couple of the trends we're seeing here locally: home sales and prices continue to outpace the previous year while the inventory of homes listed for sale grows smaller. This a pattern we all like to see!

The chart below outlines specific comparisons from 2011 to 2012. Active Bend, Oregon residential listings are showing a downward trend for inventory, which means good things for sellers - there are fewer homes on the market to choose from. For buyers, this begins to present limited choices and reminds us that the market is capable of extreme cycling in a relatively short amount of time. 



The trend represented in the table above began to take shape last spring, after which the percentage gap between year-to-date home sales (up) and inventory levels (down) compared with the previous year increased month by month before plateauing late in the year. This contrasts with a basically flat market in 2011 versus 2010. We break out NorthWest Crossing is a separate sub-market that can be considered an object lesson on the positive relationship between neighborhood planning and home values.

Growth Continues for Bend, Oregon Real Estate

We just don't get tired of reporting on these numbers! Things are continuing to strengthen in the Bend, Oregon real estate market, and we like to keep you updated on all the latest happenings. We are seeing prices and sales numbers outpacing last year significantly, with the total number of residential sales in Bend at 19.2% above 2011. 

Interesting points to note include that new construction sales have nearly doubled year-to-date when compared with 2011, and the inventory of homes for sale continues to drop. Below shows a snapshot taken on November 6, 2012, which illustrates some of the numbers we are seeing in the Bend, Oregon real estate market. 

The figures above represent single-family detached homes on less than one acre in the Bend area extending from Tumalo to Alfalfa, but can give you a great idea of what's happening across the board in our region. 


As always, NorthWest Crossing continues to post strong figures. Year-to-date sale numbers outpace the same period last year by healthy margins. The average sale price increased about 5% and is 53.5% higher than the average for Bend as a whole.

Questions? Comments? We'd love to talk to you more, just email our office at info@thegarnergroup.com or call us at (541) 383-4360.

Giving Thanks for...Bend, Oregon Real Estate

Now is the time of year we all pause to give thanks - Thanksgiving is only a little more than a week away! We have a lot to be thankful for here in Bend, Oregon - sunny skies, early snowfall, Mt Bachelor, beautiful landscapes and beautiful streetscapes. Many of us at The Garner Group have worked in the region's real estate industry for many years, and we're all seeing strong signs of a comeback in 2012.

We gave some statistics here that outlined all the numbers year-to-date, and we hope they made you smile. For regularly updated information, visit our Market Watch page on our website. Whether you are buying your perfect home for the holidays, or selling your home, now's the time to get involved in Bend, Oregon real estate.

Here are a couple listings that might catch your eye, and to show you the great range of properties available in our area right now.

Affordable Brand-New Construction in Bend, Oregon
Priced at $199,900 this brand-new home is designed for livability by Choice 1 Builders. It features a master suite on the main level and two bedrooms, a full bath and bonus room upstairs. Vaulted ceilings in the great room and a dormer vault in the master bedroom make for bright living spaces. 

Rare Acreage in Skyliner's Wilderness
Priced at $1.2 Million, this is an extremely rare find: 40.59 acres of pristine forest land above Tumalo Creek. This property is surrounded by Forest Zone, BLM land and adjacent to Shevlin park. CUP was previously approved for dwelling. The best of all worlds - close to town and yet completely pristine property with pine trees, manzanita and mountain views.

Contact us at The Garner Group today! We can help you find or sell your home. 

More Good News for Bend, Oregon Real Estate

We love reporting good news - and that's just what we got to do in the latest issue of our newsletter, the Central Oregon News Digest. If you don't receive it already, sign up on our website. It is full of great information each month.

We were pleased to see that on the Bend, Oregon housing front, year-to-date margins remain strong when compared to last year. The number of listings is dropping, while sales and prices continue to rise. This all equals absorption rates of 2.5 months of residential inventory, compared to 4.2 months last year at this time. See the chart below for details, and as always, contact our Bend, Oregon real estate office with any questions! 

As we reported in the newsletter, and you can see from the chart above, NorthWest Crossing "continues to exist in a world populated by faeries and unicorns, with an average sale price so far this year that is 53.2% above Bend as a whole. (Don't get us wrong--we like faeries and unicorns.)"

In addition, the Central Oregon MLS shows that figures are up with the ending of the third quarter of 2012. Compared with the first three quarters of 2011, here's how the number stack up:

Number of homes sold, 1,489, up 17.4%.

•  Average sale price, $258,511, up 9.7%.
•  Median sale price, $216,000, up 12.3%.
•  Total sale volume, $384,922,963, up 28.8%.

The number of transactions was the highest for the period in the rolling five-year MLS report. The median sale price was highest since 2008.

All this adds up to a great time to take another look at Bend, Oregon real estate. Whether you are buying or selling, now's a great time to be a home owner! 

More Good News in Bend Housing Market

We love being able to post about good, happy, sunshine-y things - like improvements across the board in Bend, Oregon real estate! That's right, we're happy to report that things are still strengthening around here. In fact, year-to-date measurements taken at the beginning of May show continued higher sale numbers and prices for homes in the Bend area. The inventory of available homes is still below last year’s levels, bringing increased competition for desirable listings.

New construction continues to demonstrate strength. New homes represented 11% of all residential sales in Bend Oregon so far this year, up from 8% in 2011. The new construction segment posted a 52% increase in the number of homes sold over the same period last year. This rise is indicative of a matching rise in building permits in April, which was the second best month for value (129 permits valued at $27.9 million) in a four-year survey compiled from county records by Amerititle. 

The Bend Oregon neighborhood of NorthWest Crossing continues to define itself as a strong sub-market with an average sale price 56% above Bend as a whole. Builders are active in the neighborhood but steady sales are keeping inventories low.

Figures below were derived from Central Oregon Multiple Listing Service numbers for homes on less that one acre in the Bend area stretching from Tumalo to Alfalfa. 

Bend area residential                         2012                2011                Pct.

(Year to date, except as noted)

Active residential listings 5/1/12         432                  509                  -15.1%

Number of residential sales                583                  535                  +9.0%

New construction sales                       67                    44                   +52.3%

Average sale price                             $236,232         $225,771         +4.6%

Average price per sq ft                       119                  114                  +4.4%

NorthWest Crossing                           2012                2011                Pct.

(Year to date, except as noted)

Active residential listings 5/1/12          30                    52                    -42.3%

Number of residential sales                 31                    19                    +63.2%

New construction sales                       17                    13                    +30.8%

Average sale price                              $368,564         $406,502         -9.3%

Average price per sq ft                       195                  198                  -1.5%

Good stuff? We think so! Make sure to sign up for our monthly newsletter for more great details. 

Inventory is down for Bend, Oregon Real Estate

If you aren't a subscriber to our monthly eNewsletter, it is packed with great information and current affairs. You can sign up here. Here's an excerpt from an article from our recent issue that we thought you might be interested in! Looks like right NOW might be a great time for buyers and sellers in the Bend, Oregon real estate market based on inventory levels, building permits pulled and sales price trends.

Statistical update: At the beginning of April, homes in the Bend area residential sector were running ahead of last year in numbers sold and average price while inventories continued to decline, all suggesting that while the complexion of the housing market may not yet be exhibiting the ruddy glow of a distance runner, at least it has lost its cadaverous pallor.

• New construction sales dominate the market percentage wise, up significantly in Bend as a whole and NorthWest Crossing in particular. 
• Absorption rates show the Bend area had 3.1 months of inventory on April 3, 2012 compared with 3.6 months the same time a year ago. NorthWest Crossing has 5.4 months, down significantly from 8.9 months at the same time in 2011. 
• Central Oregon MLS quarterly and monthly statistics: Q1 2012
• 424 homes were sold in the Bend area, a gain of 7.6% over the same quarter a year ago. 
• The median sale price was $194,750, a 10.9% increase compared with the first quarter of 2011. 
• In all property and location categories - 1,202 sales, up 3.1% from the first quarter of 2011. The median sale price of $145,000 overall reflected a gain of 6.0%.

The number of homes sold in Bend last month (March 2012) increased for the second month in a row following a dip in January. Average and median sale prices inched downward but have generally followed a level course over the past year.

In addition, the number of building permits for single-family homes issued in Bend during the first quarter of 2012 drew a huge round of applause from watchers of the local economy: 89 permits were issued, coincidentally up 89% over the same period last year. This was the highest first-quarter figure since 2007, when a record 227 permits were issued. The average from 2008 to 2010 was 42 permits.

Contact one of our experts today to find out what this all means for you! 

Bend, Oregon Real Estate in 2011 - Nuggets Among the Coal

At The Garner Group Real Estate, we think analyzing the local Bend, Oregon real estate market gives us a strong foundation for guiding real estate decisions. That's why we like to crunch the numbers - check out some of the nuggets we discovered. 

We recently compiled Central Oregon Multiple Listing Service statistics for 2011 with mixed results, allowing some nuggets to be found among the coal. Broadly speaking, the trend of more transactions at lower prices continued last year, although there were some exceptions in narrow market segments.

Sales in all COMLS categories and locations totaled 5,300 (up 0.4% from 2010) and aggregated $1,053,717,764 (down 1.6%) in sold volume. Median and average sale prices across the board were down 2.0%.

Among Bend, Oregon residential properties on less than one acre, the number of homes sold matched 2010 exactly and the median price for the year slipped less than one percent. The number of Bend, Oregon homes on acreage sold increased nearly 20% but the median price was down nearly 5%.

The number of Redmond area homes on acreage sold last year was 33.3% above 2010, accompanied by a 5% drop in the median sale price for the year. Redmond residential figures were down both in number of sales (-9.5%) and median price (-6.0%). The average median for the year was a bargain level $116,000.
Selected positives: Sisters residential with acreage, more homes sold by 16.7% at a median price level of $402,550, up 17.6%. Sunriver townhomes and condos, number of sales up 29.2%; median sales price up 4% at $215,000. Bend area residential land and lots, the number of individual sales dropped by 32.9% but the median price level leaped upward by 24.8% to $82,000. The average price increased by 8.5% to $97,883.

Now, that's a lot of numbers! For those of us who are numerically inclined - here's a few more to digest:

Bend area residential
2011 2010 % chg.
Homes sold 1,684 1,684 0
Median price $190,000 $191,750 -0.9%
Average price $238,186 $245,069 -2.8%

Bend area residential w/ acreage
2011 2010 % chg.
Homes sold 254 212 +19.8%
Median price $299,450 $315,000 -4.9%
Average price $355,394 $386,150 -8.0%

Questions? Call us today at  541 383-4360 or email at info@thegarnergroup.com

New Urban Communities in Tough Economy - Trends in Bend, Oregon Real Estate

You may have recently read our article about this topic in our eNewsletter, but we think it's worth repeating. There has been much discussion at industry conferences and in trade publications about the strength of the new urban community in a tough housing market. This is remaining true even when you take a look at Bend, Oregon real estate - the neighborhood of NorthWest Crossing is a great example of this trend. 

What exactly does new urban mean anyway? Formally, New Urbanism is a specific set of planning and design principles that focus on reproducing pedestrian-friendly traditional neighborhoods containing homes, businesses, employment centers, parks and schools. Clearly, our most prominent local example of this is NorthWest Crossing, which was originally designed on these principles. 

While the movement has been embraced by eco-theorists and a broad array of social reformers, at its core is a solid base of professional thought articulated by the Chicago-based Congress for the New Urbanism (CNU), founded in 1993.

Covering the 19th annual CNU conference in Madison, Wis. last June, opinion writer Mike Ivey of The (Madison) Capital Times reported that the tough housing market and high gasoline prices have drawn attention to the value of New Urban neighborhoods.

“Where all the well-intentioned planning in the world couldn’t slow urban sprawl, the economic collapse stopped it dead,” Ivey wrote. A February 2011 study by the National Assn. of Realtors shows most home buyers are willing to sacrifice square footage for less driving, he noted. Nearly 60% of respondents say they would choose a smaller home if it means a commute time of 20 minutes or less.

Andres Duany, one of the founders of the New Urbanism movement and co-founder of the CNU, told Ivey that economic and environmental realities will force changes in the way people think about their living situations. The housing crisis and financial meltdown offer a chance for a “great reset” on how communities function going forward, he said.

“The housing bust is temporary, but the 21st century is permanent,” Duany said, adding that challenges of expensive energy, concern over climate change and an unsustainable national debt will demand development based around self-sufficiency, urban agriculture and local decision-making.

NorthWest Crossing is recognized in a collection of planned community examples compiled by the Ithaca, NY-based New Urban Network. It employs a slightly different paradigm than the large-scale urban redevelopment projects in major population centers that often receive attention. Here, nothing had to be torn down. Preservation of natural features was emphasized. And the goals were grounded in practical market appeal rather than social reform.

NorthWest Crossing pushed the envelope in regard to green building, insisting on compliance with Earth Advantage standards. When the first home was sold in 2007, buyers not already practicing environmental impact reduction had be sold on the advantages of green building. Today, it is a practical philosophy that merges energy and resource conservation with hard economic benefits. Broad green building principles are now mainstream; advanced concepts are nearing the point of economic neutrality.

No crystal ball in the late 1990s or early 2000s could have revealed the changes in the housing market that would follow later in the decade. It would have been much safer to transform the 486 acres of pines, rimrock and pumice into an conventional upscale suburban community. But the foresight applied to creating a different kind of neighborhood for the time and place, and the employment of landscape architects and land planners experienced in the burgeoning New Urban concept, set NorthWest Crossing up for success.

While the rate of growth has been scaled back, NorthWest Crossing continues to challenge expectations of national trend analysts. Builders are building; buyers are buying.

We're lucky enough to have our headquarters in this progressive neighborhood, and have the on-the-ground expertise to offer our buyers and sellers in NorthWest Crossing. Because of our commitment to green real estate in Bend Oregon, it is the perfect place for us to call home.  Interested in learning more? Contact us anytime. 541 383-4360

Risk Vs. Reward: Bend, Oregon Real Estate Values...Final Installment

We're wrapping up our article series on risk vs. reward for home buyers this week...the full article originally appeared last month in The Bulletin, Bend, Oregon's daily newspaper. Picking up where we left off...

“While some potential home buyers are trying to time the bottom of the housing market, it is equally important--and sometimes more important--to time the bottom of the interest rate market,” pointed out Larry Wallace, loan officer with the Bank of Oregon, a Bend-based mortgage brokerage.

“On a $280,000 loan, a one per cent increase in interest rates--which can easily happen--will cost an extra $168 per month. That totals $20,251 over 10 years and $60,754 over 30 years. It’s an expensive lesson for waiting too long,” Wallace continued.

With underwriting guidelines becoming tighter, buyers who wait for the “perfect moment” could find they no longer qualify, he said. “That has been an ongoing problem in the past few years.”

A tight rental market in Bend has dropped vacancy rates to around three per cent, Wallace noted, leading to rent increases. “This tips the balance toward home ownership when monthly mortgage payments are equal to or less than rent.”

Wallace observed that strong demand at the lower end of Bend’s housing market is likely to forestall further price decreases. “Good deals are attracting multiple buyers and bringing about bidding wars.”

In fact, Bend, Oregon residential prices are beginning to firm up. The Bratton Report, produced by Bratton Appraisal Group, slices MLS statistics into monthly increments. After tumbling along a bottom point between December and February, the median price zigzagged upward to $210,000 in June, roughly where it was a year ago.

Optimism has governed Sandy Garner’s [owner of The Garner Group] career in real estate. “You have to be an optimist to succeed in this business. You have to dig in when times are tough. It’s an axiom that some 10 per cent of the Realtors in any given market make 90 per cent of the sales.”

The Garner Group became an independent real estate agency in January, 2008. “From a market perspective, it was an uphill climb, but we have increased business every year and are one of the most productive per-agent brokerages in Bend,” she concluded.

So what do you think? Feel like it might be time to buy Bend, Oregon real estate? 

Risk Vs. Reward: Bend, Oregon Real Estate Values...Second Installment!

This is the second installment in a series article written by David Pease of The Garner Group Real Estate in Bend, Oregon. To read the first installment see our blog post from last week. The article in its entirety originally appeared in Bend, Oregon's newspaper, The Bulletin.

Bend displays evidence that all real estate is local.

“Don’t be unduly influenced by national news reports describing a housing Armageddon,” Sandy Garner of The Garner Group advised. “By definition, they don’t reflect local or even regional conditions. Reports come from different sources on different days. It’s a classic example of mixing apples and oranges.”

Even within Bend there are market fluctuations. NorthWest Crossing, the Bend, Oregon neighborhood where The Garner Group is headquartered, has created an environment that is attracting builders and home buyers, and supporting prices, on a scale not measured elsewhere.

As documented previously in The Bulletin, 48 of the 62 single-family building permit requests filed with the city during the first six months of 2011 were for homes in NorthWest Crossing. The neighborhood marketed as Shevlin Pines was second, with 13 permits.

Freddie Mac statistics show annual average commitment rates for 30-year fixed-rate mortgages peaked at 16.63% in 1981 and did not recede into single digits until 1991, when the annual average was 9.25%.

Rates have largely been below five per cent in 2010 and so far in 2011. The rate for June was 4.51 per cent.

We have one last installment of this article series coming next week! 

Risk Vs. Reward: The Value of Buying a Home in Today's Economy

Originally published in the Real Estate section of The Bulletin, Bend, Oregon's newspaper, earlier this month, this excerpt from an article by our own David Pease gives some insight into making the decision to buy a home. 

Prospective buyers who are waiting for prices to bottom out should consider the possibility of rising interest rates... those who wait until they feel prices have reached the absolute bottom may see their bargains disappear if mortgage interest rates fluctuate upward, as many industry observers predict they will.

“Predicting the bottom of the market is like reading tea leaves,” observed Sandy Garner, CEO of The Garner Group Real Estate in Bend, Oregon. “From what we see in terms of low inventories and absorption rates, we are at or close to a bottom by any workable definition.”

Absorption rates are “inside baseball” in the real estate community, but they are a useful way to measure the market. They calculate how long it would take to sell existing inventory based on the number of sales and homes on the market. Simplified, they show 4.8 months of inventory for June in the Bend, Oregon residential real estate market. The most recent high was 6.3 months in August, 2010.

“In the real estate business, anything under six months is considered a seller’s market,” Garner said. Rates are based on Central Oregon MLS Listing statistics.

Look for more from this article on Bend, Oregon real estate in upcoming posts!