This luxury community boasts over 640 acres on two 18-Hole championship golf courses. Restaurant and cocktail options, Private Members Club, 24 hour Manned Gate, Day Spa, Fitness Center, Dog park, Tennis Court, Bike Trails, and more! Build your ideal home and live the Pronghorn life!
Listed by Stormy Clark for West + Main Homes. Please contact Stormy for current pricing + availability.
So far, shopping for a home in the 2020s has been obscenely competitive. Here are three statistics that capture just how zany the housing market has been:
From late 2020 to late 2021, American home prices increased an average of 17.5 percent—more than twice as much as in a typical year during the 2010s. (In some places, such as Boise, Idaho, and Austin, Texas, prices went up more than 30 percent.)
In late 2019, the median number of days that a house was on the market was 51, according to the real-estate site Redfin. In late 2021, that number was 24.
Meanwhile, almost two-thirds of people who bought a home in 2020 told Redfin that they submitted an offer on at least one house without having seen it themselves.
In other words, houses have been selling at higher prices, more quickly—and buyers haven’t been able to find much relief by broadening their search to other areas, because this is happening in much of the country. “This is one of the more universal periods of zaniness that we’ve seen,” Issi Romem, the founder of the economic consultancy MetroSight, told me.
Under these conditions, many first-time buyers are likely wondering: When will the housing market settle down? And if I want to buy a house soon, is it wisest to dive in now or wait? Based on my conversations with housing experts, the short answers are: “It’ll probably calm down a bit this year (but it’ll still remain kind of wild)” and “You don’t have to wait (but don’t do something rash because of the frenzied market).”
Even though home prices soared during the pandemic, the pandemic wasn’t the underlying cause—there’s been a longer-brewing imbalance between supply and demand. On the supply side, the number of houses being built in the 2010s was about half of what it was in the early 2000s, which means fewer houses available now. On top of that, Baby Boomers are staying in their homes relatively late in life, which further restricts supply. Meanwhile, demand has been propped up by low interest rates (which make it cheaper for buyers to borrow money) and demographics (Millennials, who are aging into their peak home-buying years, are a relatively large generation).
Take these together, and you end up with more people wanting to buy houses than there are houses to buy. Freddie Mac, the government housing-finance company, has estimated that at the end of 2020, the country was some 3.8 million homes short of meeting the demand of both buyers and renters.
The pandemic didn’t produce this imbalance, but it did exacerbate it. Supply was temporarily hindered by a coronavirus-related pause in construction and by supply-chain-related shortages of building materials. And demand for spacious suburban houses was pushed upward as many Americans, especially remote workers, turned their attention away from downtown urban areas.
But even as some of those factors fade in importance, the underlying shortage of housing will persist. For that reason, the experts I spoke with recently didn’t expect that prices would stop climbing anytime soon, though they did expect prices to climb less steeply in 2022. Indeed, the latest projection from the National Association of Realtors, a trade group, is that price increases this year will be about one-third of what they were last year.
One thing that could somewhat dampen price increases—as well as the bidding wars that have pleased homeowners and exasperated buyers—is a rise in interest rates, which is expected to happen this year. If that rise is sharp, “that will take away one of the fuels for this fire,” Chris Herbert, the managing director of Harvard’s Joint Center for Housing Studies, told me. The idea is that higher rates make borrowing more expensive, which reduces the amount people are able to spend, which in turn pulls home prices down. (Herbert also noted that if a recession were to hit, that would probably dent home prices—though that would obviously come alongside other bad effects.)
If you could magically choose what the market is like when you buy a house, you’d maximize your wealth and minimize your stress by picking a time when prices are low and going to shoot up in the future, when interest rates are low, and when you don’t have to make a rushed decision or enter a bidding war. The competitiveness of today’s market means that now is not that magical moment. But realistically, identifying the perfect time to buy is impossible because perfect timing is clear only in retrospect. “It’s hard to game the market—you’re bound to fail a lot of the time,” Romem, of MetroSight, said.
Keep reading on The Atlantic.
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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
Although some renovations are substantial and costly, you don’t have to start there. Many small DIY projects can have a big impact on the look and feel of your house.
DIY renovation projects range from applying new paint to switching out hardware. Small updates can completely transform your home because details add up to create the complete impression of a space. Here are seven ways to update your home easily and inexpensively this summer.
Paint Your Front Door
You’ve probably heard this tip before because it’s a good one. Repainting your front door should only take an afternoon and requires very little equipment. You’ll need a small can of paint, a reliable brush and some tape to protect glass panes. You should prime your door if you’re going to paint it a lighter shade.
Black, gray and neutral beige are some of the most popular colors for front doors right now. However, the front door is also the perfect place for you to display a little personality with a bolder color. The door will be easy to repaint if you ever decide that it’s time for a more neutral tone.
Add Texture to Walls
An easy way to update your living space is with wainscotting or crown molding. These details add character and an elegant finish to any room. However, trim like wainscotting can be expensive because many people value it. Fortunately, there are several ways to avoid this expense while achieving the same look.
The most inexpensive option is to combine wooden architectural elements with a can of white paint. You can measure and add trim and strips of wood to create a paneled feel that reaches about halfway up your walls. Then, tape off the top of the trim and paint everything white so that it looks like one piece.
Replace Outdated Hardware
This DIY project is simple but will bring big results to your space. Home decor has moved away from polished brass finishes, instead favoring silver, antique or black finishes. Update your kitchen and bathroom spaces by switching out cabinet pulls and faucets for newer models. You can order inexpensive hardware online to reduce the cost.
If your home has round doorknobs, consider switching those out for more modern lever handles. You can also replace stained light switch covers with fresh plates in neutral colors. Try to stick within a consistent color palette, but vary some of your hardware to avoid an overly matchy feel.
Plan Simple Landscaping
Many homeowners are overwhelmed with the prospect of landscaping. While it’s true that this can be complicated, it doesn’t have to be. The first step for improving your curb appeal is simply to clear the yard of debris and make sure the grass, bushes and trees are appropriately trimmed.
Once your yard is clear, take a step back and consider the whole picture. What’s one thing you could do to improve the space? For many homeowners, adding grass seed makes the most sense. You could also define flower beds with a rock wall or turn a flat space into a fenced garden. In addition to looking nice, your landscaping should meet your outdoor needs.
Update Indoor Lighting
Replacing light fixtures can have a huge impact on your home. For one thing, bringing more light to a space can improve your mood and energy while at home. Although natural sunlight is best, you can choose energy-efficient bulbs that replicate sunlight while saving you energy costs.
If you don’t have a chandelier in your home, you should consider installing one. Chandeliers instantly elevate a space and bring a feeling of intentionality to your home. Make sure that you turn off your electricity before switching fixtures. If you’re uncomfortable working with electricity, you should hire a contractor for this job.
Create Curtain Rods
For some reason, curtain rods can be very expensive. To avoid the cost of dressing all your windows, you can get creative and find cheaper options. For example, some homeowners use inexpensive pipe or electric conduit rods to hold their curtains up. You can paint these rods any color you need to match the space and buy separate finials to make them look finished.
Home decorators who are more whimsical could consider using slim branches for curtain rods. Each of these rods will be unique and they’ll bring a touch of nature inside your home. You will probably be able to get them for free. However, do be wary of any insects you may bring inside with them.
Repaint Faded Items
Paint is an easy solution for many home remodel projects. If an item needs to be refreshed but you don’t want to entirely replace it, you can probably paint it. Although it will take some elbow greases, putting on a fresh coat of paint can make items look as good as new for a fraction of the cost.
Before you repaint anything, it’s important to clean it thoroughly. Some examples of items you can repaint include walls, furniture, kitchen and bathroom cabinets, trim, fences and ceiling vents. Once you start repainting items in your home, you may find it difficult to stop. For the amount of money and time that painting takes, the results can be amazing.
Simple Renovations This Summer
Renovating your home doesn’t have to be a month-long project involving a sledgehammer and drywall. You can update your home with simple changes that are quick and inexpensive but have a big impact on your space. Use this list to get started and refresh your home this summer season.
For more like this, visit Renovated.
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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
The Chamber has created an online guide for developing ADUs in the hopes that homeowners will build affordable housing and rent them to people who want to work in Bend.
“This will be her kitchen and living space. She’ll have a nice kitchen and living room space and a nice patio.”
Cynthia Maree is building a 560-square foot, 1-bedroom accessory dwelling unit alongside her new home in Bend for her mother to live in.
“If we no longer need to have a multi-generational home, we still have the income potential off of an ADU so the investment is well spent in creating this,” Maree said. “I think other people are realizing that too, whether it’s for people coming into visit or they want a little extra income and have a rental ability on their property.”
On Thursday, the Bend Chamber of Commerce launched an online ADU guide that explains how to plan, apply for permits and build accessory dwelling units.
“They looked at other communities to see how they were doing with ADUs. They looked at how do you finance these things. They looked at barriers to building them. What are the costs? What’s the cost benefit analysis of whether you should even attempt it?” said Talena Barker, vice president of leadership development at Bend Chamber of Commerce.
The Chamber is mailing notices to 4,000 homeowners in Bend who are eligible to build ADUs on their property under recently updated land use guidelines.
Because ADUs are generally less than 600 square feet they should, theoretically, rent for less than apartments.
“We are trying to get more workforce housing into Bend where workers can live as quickly as possible. That’s going to take many strategies. ADUs are just one of them,” said Katy Brooks, CEO of the Bend Chamber.
All the basic information you need to plan, apply for permits and construct an ADU, whatever style be it an attached, detached out in the backyard, in a basement or over a garage, is available on the Bend Chamber of Commerce website.
Related Links
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
Mortgage rates declined this month, giving buyers some extra purchasing power as new listings hit the market. Rates are hovering at 5.09% on 30-year fixed rates according to Freddie Mac.
“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
Bend and Redmond prices declined as inventory picks up. La Pine, Jefferson County, and Crook County all saw an increase in median price, and a decrease for days on market in May.
Price reductions increased again this month, reaching 24.1% of the market, said Mike Simonsen of Altos Research. “This is the summer plateau.”
How will the market react as the West Coast gets out of school and tourism returns to the area?
BEND AREA
$740,000
Median Price
5 Days on Market
REDMOND AREA
$519,000
Median Price
6 Days on Market
JEFFERSON COUNTY
$393,000
Median Price
8 Days on Market
SUNRIVER
$863,000
Median Price
2 Days on Market
LA PINE
$450,000
Median Price
22 Days on Market
SISTERS
$691,000
Median Price
4 Days on Market
CROOK COUNTY
$457,000
Median Price
11 Days on Market
Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
