Mark’s Market Update
Fall is here and our real estate market continues to stabilize and slide in favor of buyers. Interest rates continue to rise slightly but we are hopeful that we will start to see those stabilize in the coming months. There are more opportunities out there for buyers now than there have been in the last couple of years. If you are on the fence about deciding to continue to pay rent rates that are on the rise or buy, we encourage you to have a discussion with one of our trusted mortgage specialists. The encouraging thing for sellers is that sale prices are still up about 12% year over year on single-family homes in Bend and 18% in Redmond. Please don’t hesitate to reach out to us to discuss buying or selling.
Looking for some fun ways to celebrate the Spooky Season? Check out our recommendations below:
– Go on a “Ghost Tour” with the Deschutes Historical Society. Click here for more details.
– Visit one of the many Pumpkin Patches, see below for some of our favorites.
– Go to one (or all) of these Halloween Parties:
- Boneyard Pub Halloween Bash – October 28th, 7pm – late
- McMenamin’s 80’s Halloween Dance Party – October 29th, 8pm – late
- General Duffy’s Countryfied Halloween Party – October 29th, 6pm – 10pm
– Take the kids Trick or Treating in the Old Mill District. October 31st, 4pm – 7pm.
The State of Oregon’s Office of Economic Analysis announced the maximum rent increase rate for 2023 to be 14.6%. To read the full news release, click here.
It may be an excellent time to consider purchasing a home. Our market is shifting into a more normal cycle and we’re seeing increased inventory and lower prices. Buyers have more leverage and are able to negotiate terms. If we can help, give us a call!
