Central Oregon Real Estate Market Report from September 2022

Interest rates throttled up again in September, reaching 15-year highs and causing a reduction in mortgage affordability for buyers still in the market.

The number of single family home sales were down 30% in Deschutes County in September 2022 compared to 2021 according to data from the Central Oregon Association of Realtors.

Median prices in Bend were $725,000, following all-time highs in March at $773,000 before the market shifted due to rising mortgage rates, which have more than doubled since then.

Prices tend to level off into the winter in Deschutes County, but the degree to which prices change compared to prior years will shed more light on the health of the region for 2023.

Mortgage rates climbed higher in the last few weeks, coming in almost a full point higher than in August. Rates this week are at 6.66% on 30-year fixed loans according to Freddie Mac.

“Mortgage rates decreased slightly this week due to ongoing economic uncertainty. However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.”

Both Redmond and Bend saw the inventory of homes for sale increase to 2 months of supply.

Inventory is nuanced, said Mike Simonsen of Altos Research. “The rise in inventory isn’t from a flood of sellers. New listing volume is actually low for this time of year, yet inventory is growing. 20% fewer new listings than the same week in 2021. This is a buyer's reaction.”

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BEND AREA
$725,000
Median Price
20 Days on Market

REDMOND AREA
$525,000
Median Price
18 Days on Market

JEFFERSON COUNTY
$325,000
Median Price
7 Days on Market

SUNRIVER
$950,000
Median Price
10 Days on Market

LA PINE
$430,000
Median Price
55 Days on Market

SISTERS
$590,000
Median Price
4 Days on Market

CROOK COUNTY
$415,000
Median Price
34 Days on Market

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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.

Biggest Kitchen Renovation Ripoffs: 6 Features That Are a Waste of Money

With mortgage rates soaring, many would-be homebuyers and sellers are choosing to stay put, beautifying what they have, and investing their money in renovating their home.

And while it’s easy to find information on kitchen renovations that have an excellent return on investment—like new flooring, refinished cabinets, or updated fixtures—what’s less clear are the improvements that aren’t worth the cash. And who wants to drop some coin on their kitchen, only to feel ripped off? Nobody!

To avoid wasting your money, read on for the kitchen features you should probably cross off your wishlist.

1. Expensive backsplashes

Backsplashes are often a go-to for renovators looking to make a big visual impact. But you need to think carefully.

Baron Christopher Hanson, a real estate agent with Coldwell Banker in Sarasota, FL, warns against backsplashes and other touches that potential buyers may find oddly colored or garish down the line.

“Here in South Florida, transient residents import very different tastes and styles,” Christopher Hanson says. “Strong personal style choices when it comes to backsplashes or colored tiling can quickly turn into a waste of money in a few years.”

2. Designer appliances

We all love big names for big-ticket items, and then there’s the thrill of knowing you have a highly coveted professional oven. But ask yourself: Is the spend for a high-end oven, dishwasher, or fridge truly worth it?

“High-end branded appliances are the biggest waste of money when designing your kitchen,” says Isabella Flint, an experienced home renovator, professional chef, and CEO of Fanatically Food. “They do the exact same job as other, lesser-known brands for double the price. My advice is always to do research on the best appliances for your budget. Then look carefully at the customer reviews. They’ll often be just as good as the big brands.”

3. Trendy hardware and accessories

A rose-gold faucet in the shape of a swan may make you happy—but it could turn into a deal breaker when it’s time to sell. You may also find your whim embarrassing in a few years when the trend is over. When choosing hardware and fixtures, try to find a balance between your personal style and broad market desires.

“Certain colors of hardware and fixtures may be trending now, but what about in a few years when just one item needs to be replaced?” asks Karen Yeheskel, a designer at Long Island’s Elite Kitchen & Bath Center. “If they’re not mainstream enough or are too trendy, they will be a turnoff down the line and difficult to replace.”

In both cases, you may face replacing the entire set all over again.

4. High-tech gadgets

Many of us love trying out the latest tech. But when it comes to your kitchen, you should make sure today’s hot trend will still be around tomorrow.

“In renovating a kitchen, investing too much on current technologies can backfire as they tend to get phased out quickly,” says Joe Ferguson, architectural joiner at Skirting Rus. “Instead, focus on tried and tested solutions such as self-cleaning paints, Corian countertops, and sustainable hardwood. Investing in something that you’ll use long term and can recycle is better than scrimping only to spend on it again in the future.”

5. Relocating electrical and plumbing systems

Tread carefully if you want to change the layout of your kitchen.

“Relocating the electrical and plumbing systems connected to your kitchen appliances is a huge expense,” says Robert Johnson, the marketing director at California’s Coast Appliances. “If you’re on a budget, work on the movable and flexible design elements instead of touching the permanent fixtures, like the kitchen sink. The labor cost alone can be a burden on the pocket. You need to hire professionals to do the job right and avoid delays. Material costs are also high due to inflation.”

6. Open shelving

Open shelving looks fantastic on Instagram. But in reality?

“Once things are on an exposed shelf for a few months, they get dusty. Try dusting your martini glasses every time you want a cocktail or cleaning out the salad bowl for a meal,” says Carolina Buia, a real estate agent for Sotheby’s in Palm Beach, FL.

There are so many ways to upgrade your kitchen, and sometimes narrowing down your list of priorities can be a chore. With the insight above you can remove these six renovation ripoffs from your wishlist and opt for improvements that will not only make your kitchen more convenient but also help lift your home’s value.

Keep reading.

Related Links

• The Cost of Waiting for Mortgage Rates To Go Down

• 8 Things You’ll Regret Not Asking Your Landlord Before Moving In

• Steps You Can Take Now to Prepare Your Home for Winter

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.

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The Cost of Waiting for Mortgage Rates To Go Down

Mortgage rates have increased significantly in recent weeks.

And that may mean you have questions about what this means for you if you’re planning to buy a home. Here’s some information that can help you make an informed decision when you set your homebuying plans.

The Impact of Rising Mortgage Rates

As mortgage rates rise, they impact your purchasing power by raising the cost of buying a home and limiting how much you can comfortably afford. Here’s how it works.

Let’s assume you want to buy a $400,000 home (the median-priced home according to the National Association of Realtors is $389,500). If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates climb (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range.

As the chart shows, as rates go up, the amount you can afford to borrow decreases and that may mean you have to look at homes at a different price point. That’s why it’s important to work with a real estate advisor to understand how mortgage rates impact your monthly mortgage payment at various home loan amounts.

Are Mortgage Rates Going To Go Down?

The rise in mortgage rates and the resulting decrease in purchasing power may leave you wondering if you should wait for rates to go down before making your purchase. Realtor.com says this about where rates could go from here:

“Many homebuyers likely winced . . . upon hearing that the Federal Reserve yet again boosted its short-term interest rates by three-quarters of a percentage point—a move that’s pushing mortgage rates through the roof. And the already high rates are just going to get higher.”

So, if you’re waiting for mortgage rates to drop, you may be waiting for a while as the Federal Reserve works to get inflation under control.

And if you’re considering renting as your alternative while you wait it out, remember that’s going to get more expensive with time too. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

“There is no doubt that these higher rates hurt housing affordability. Nevertheless, apart from borrowing costs, rents additionally rose at their highest pace in nearly four decades.”

Basically, it is true that it costs more to buy a home today than it did last year, but the same is true for renting. This means, either way, you’re going to be paying more. The difference is, with homeownership, you’re also gaining equity over time which will help grow your net worth. The question now becomes: what makes more sense for you?

Bottom Line

Each person’s situation is unique. To make the best decision for you, partner with a real estate advisor to explore your options.

Keep reading here.

Wondering if now is the right time to buy?

Related Links

• The Type of Renovation You Need to Save Up for, Based on Your Home’s Age

• 8 Things You’ll Regret Not Asking Your Landlord Before Moving In

• Steps You Can Take Now to Prepare Your Home for Winter

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.

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Steps You Can Take Now to Prepare Your Home for Winter

Once winter comes, you will regret ignoring home issues while the weather was nice.

Figure out what you can do now to prepare your home for winter so that you can relax and know that you will stay warm and comfortable once the weather is cool.

Have Someone Check Your Furnace to Make Sure It Is Working
Once the temperature starts to drop, you are going to want to turn on your furnace and know that it will heat your home. If the furnace is not working correctly, you will be stuck dealing with an uncomfortable temperature in your home. Have a company like Countryside check your furnace while the weather is still warm so that you will be able to use it as planned when it gets cold.

Deal With the Mess in Your Yard That You Have Been Ignoring
Branches and leaves can gather all across your lawn. When you leave a mess in your yard as winter comes, you will have a soggy mess to deal with in the springtime. You should take care of the yard that you have been neglecting before the weather turns cold so that you have it easier when the weather warms up again.

Check for Exterior Painting Work That Needs to Be Done
Chips in the paint on your home can lead to issues, and painting is not a project that you want to take on in the wintertime. Look over your home before it gets too cold and see if there are any paint touchup projects you need to do.

Repair Bad Wood on Your Deck or Porch
If there is a spot on your deck that you always avoid because the wood is soft there, consider repairing that before winter. You don't want to have extra hazards to deal with when the weather is cold and the ground is covered with ice.

Make Sure That Windows Are Sealed Well
Windows should keep cold air out of a home. If they are not sealed properly, they will not do that. Look over your home's windows and see if they need to be caulked or if any other work needs to be done to help them be sealed up well.

It is good to care for your home before real issues develop, and it is smart to focus on caring for the place before winter comes, too.

Get more like this on RISMedia.

Related Links

• The Type of Renovation You Need to Save Up for, Based on Your Home’s Age

• 8 Things You’ll Regret Not Asking Your Landlord Before Moving In

• 6 Yard Maintenance Mistakes Most People Make During the Fall

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.

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6 Yard Maintenance Mistakes Most People Make During the Fall

Summer may be in the rearview mirror, but now’s not the time to fall behind on yard maintenance.

As the weather gets cooler and evenings arrive earlier, we’re all tempted to spend less time outdoors and let landscaping tasks fall by the wayside.

But now’s not the time to slack off!

“As we enter the fall and winter months, many homeowners may find themselves engaging in some extra yardwork to take care of falling leaves, debris from storms, and other seasonal maintenance tasks,” says Jeremy Walters, sustainability ambassador at Republic Services.

Not regularly maintaining your lawn, garden, or other areas of your home’s exterior during the fall can have consequences. Don’t let the following yard maintenance mistakes turn into bigger issues.

1. Throwing yard waste in the trash

Instead of tossing lawn clippings and fallen leaves into the trash, aim for eco-friendly disposal. You can either throw tree and yard clippings in the green bin or use them as mulch to enrich your lawn and other plants.

“When you mow your lawn, leave the clippings where they fall. They will help enrich the soil,” says Walters. “If you can avoid putting your lawn clippings or yard waste in the trash, you’re taking a small step to help support the environment.”

2. Letting debris pile up in the gutters

“All sorts of debris can land in your gutters, including leaves, twigs, seeds, and trash, that gets caught in the wind like plastic bags,” says Michael Green, vice president of operations for Benjamin Franklin Plumbing.

Not cleaning out your gutters could cause damage to the roof since pooling water can rot your fascia, shingles, and the edge of your roofline. In the worst of situations, an overflowing gutter can damage the home’s foundation.

3. Not composting

If all yard clippings were composted, about 33 million pounds of organic waste could be kept out of landfills each year, according to the Environmental Protection Agency.

When composting at home, yard trimmings can be added to an outdoor compost pile. Generally, compost piles or bins include coffee grounds, fruits and vegetables, eggshells, tea bags, nutshells, yard waste, and more.

“Typically, you can’t compost fats, meats, or dairy products, but it is best to check with your local service provider on acceptable materials,” says Walters. “And you should never put organic waste in your curbside recycling bin.”

4. Failing to curb your critter problem

Your yard is likely going to attract critters of all kinds.

“Although ‘pest-proof’ homes aren’t possible, there are ways to minimize the risk of a pest infestation,” says Green. “Remove or relocate any bushes, shrubs, or trees growing next to the house.”

He also recommends examining crawl spaces in and under the home (ooh, creepy) and blocking every hole and entry point.

“Clean up clutter, and don’t let tools, outdoor furniture, or other items lean against a house or garage,” says Green.

Rain can pool in these items, and standing water can attract unwanted pests.

5. Not watering your lawn

You might assume that the rain during the fall season will take care of watering your lawn, but you still need to maintain a regular schedule. Experts say your lawn should get 1 to 1.5 inches per week during the fall. If your lawn is not getting regular moisture, you need to water it.

Use the footprint test to determine if you’ve been watering your lawn enough. Walk across the lawn, and see if the grass blades spring back. If they do, your lawn has adequate moisture. If you can still see your footprint in the grass, your lawn needs more water.

6. Forgetting to target annoying weeds

The cooler temperatures bring frost that may kill weeds, but weeds are persistent little buggers.

Weeds, like fall dandelion, are taking root right now, and it’s a good idea to eliminate them before they get out of control. The frosty weather might kill the weeds in your yard, but they might require more intervention. Apply an herbicide or pull the weeds by hand.

“This routine maintenance will help your dormant plants spring back in a few months,” says Chris Gorne, aka the Plant Dr. on Thumbtack.

Keep reading on Realtor.com

Related Links

• The Type of Renovation You Need to Save Up for, Based on Your Home’s Age

• 8 Things You’ll Regret Not Asking Your Landlord Before Moving In

• What Experts Say Will Happen with Home Prices Next Year

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.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon