Has Spring “Sprung” For The Bend Housing Market?
Springtime in the Central Oregon Housing Market
While it may not look like Spring outside, warmer weather is just around the corner. But what does Spring mean in terms of the housing market? While it may not be blooming at an exponential rate, there are constant changes within the market that provide opportunities for buyers and sellers alike.
As mentioned in Central Oregon Housing Market Update March 2023, the interest rate volatility is causing downward pressure on prices while lack of inventory is providing upward pressure on prices. This means while the mortgage rate is a bit lower, providing more buyers, but also incites more competition. We may see a return to bidding wars and escalating prices on homes, but this is a positive change within the market.
So, will the housing market rebound in Spring 2023?
Possibly. According to Houzer, “the market is experiencing a correction in 2023 – not a crash.” This is great news as we are seeing a reflection of higher demand in the housing market. Another positive is the inventory is on the rise as sellers are finally getting their houses on the market.
According to a CNN article from January, “‘Mortgage rates are really critical to the path of the housing market in the year ahead,” said Jeff Tucker, senior economist at Zillow. “We are watching to see affordability gradually improve.’” This glimpse into more affordability of homes is an excellent indication of improvement within the market which will hopefully be a positive change.
Realtor.com has also begged the question if spring will be the turning point for the market. Some predicted that the housing prices will flatten out due to combat higher mortgage rates, which may bring in more buyers for Spring and Summer. However, real estate experts are in agreement that it will depend on the various markets, and perhaps those of bigger pandemic markets may have more correction than others.
One key thing that remains constant in the housing market is location and quality of homes. Most of these homes “‘are still going to sell well and [still] face bidding wars,” says Ali Wolf, chief economist at the building consultancy Zonda. “But that’s not going to be the norm.”’ In a market such as Central Oregon, this opens up so many possibilities.
But what about Central Oregon?
In terms of locality, Bend Relo founder, David Keyte has seen this shift firsthand. With 19 offers on a recent listing, the game definitely has some competition. We are seeing more first-time and millennial homebuyers, seemingly accepting the current interest rates and eager to buy homes. Typically, the inventory in the market doubles between March and June, so all that’s left for homebuyers to do is to wait for their perfect match to be listed. We are shaping up for a busy spring market in Central Oregon.
While some may resent the sound of Spring cleaning, it is a great time to do some organization and needed renovations to your house. In terms of quality homes, it is vital to make sure that sellers are giving their homes the attention they need. Especially before listing a house for sale, homeowners should do their best to improve their properties to ensure faster sales. This article goes over upgrades you may want to consider before listing your home. Some of the improvements you can do start with some classic Spring cleaning, such as getting rid of clutter or perhaps doing some paint touch-ups.
Central Oregon Spring Events
However, it can’t be all work and no play! If you want to get outdoors or find inspiration for your home, here are some upcoming events happening in Central Oregon:
- Earth Day Tree Planting @ Riverbend Park, Bend
- Friday, April 21, 10:00 am – 1:00 pm
- Volunteer in celebration of Earth Day and plant some trees, then head to 10 Barrel Brewing after for a drink!
- Growing Vegetables in Central Oregon @ Oregon State University-Cascades, Bend
- Saturday, April 29, 10:00 am – 12:00 pm
- Learn how to grow vegetables in Central Oregon and how you can maintain a healthy garden in this free two-hour class.
- Natural History Pub: Butterflies! @ McMenamins Old St. Francis School, Bend
- Monday, May 1, 7:00-8:00 pm, doors open at 5:30 pm
- Learn about how you can foster a healthy environment for butterflies in your own backyard!
- Spring Home & Garden Show @ Deschutes County Fair and Expo Center, Redmond
- Friday, May 5 – Sunday, May 7, 10:00 am
- Check out this free event with over 200 vendors, exhibits, and demos. Gain inspiration for your own projects!
- Spring Farmer/Rancher Networking Night @ Schilling’s Garden Market, Bend
- Thursday, May 11, 4-6 pm
- HDFFA encourages Central Oregon producers to join together for a night of conversation and celebration at this annual event.