Mark’s Market Update
Happy New Year from the Bend Homes Now Team!
I’m sure many of you are planning for what’s to come in 2023. In the real estate world, we are adjusting to a completely different housing climate than what we were experiencing in the first half of 2022. I believe it’s important to manage our expectations of the 2023 market. We will continue to see the Central Oregon real estate market level off and have a slower 1st and 2nd quarter than one year ago.
Rising inflation resulting in higher mortgage rates is the main culprit to the slower start. Per Lawrence Yun (Chief Economist for the National Association of REALTORS), we have most likely seen the height of mortgage rates as long as inflation continues on its current trajectory. If the fed rate hikes continue to slow down inflation, mortgage rates tend to follow. It does seem that mortgage rates are stabilizing which we anticipate will ease some of the buyer concerns we experienced over the past 6 months.
As mortgage rates and the housing market continue to stabilize, this should ease the concerns of qualified buyers who have been on the fence about purchasing a home. Sellers, there is good news for you too as inventory levels in Bend remain very low. It is critical to strategize with a real estate professional on sale preparation and price to develop a successful marketing plan. We would love to be the real estate team who helps you navigate this market. Please don’t hesitate to reach out with any questions!
This year, each month we will be sharing our recommendations for various service providers, businesses, vendors and local favorites. For January we thought we’d encourage any fitness related New Year’s Resolutions by sharing our favorite gyms and workout facilities.
Mark’s Pick: Bend Golf Club 61045 Country Club Dr. Bend, OR 97702
Why it’s great: In the off season, BGC still has a lot to offer its members. Non-golf activities include: indoor tennis, a saltwater pool, and well-equipped workout facilities. There is also an indoor golf simulator so members can hone their skills during the long winter months.
Brooke’s Pick: Bend Pilates155 SW Century Dr #104 Bend, OR 97702
Why it’s great: Pilates is a full body, low impact workout that will transform your body. Bend Pilates has some of the best instructors around and is conveniently located on Bend’s Westside. The studio is packed with state-of-the-art equipment and offers many daily classes to fit your busy schedule.
Kate’s Pick: Northwest BOD 170 SW Scalehouse Loop, Suite 100Bend, OR 97702
Why it’s great: Small group classes for people of all fitness levels. Each day has a different theme (legs, arms, core, etc.) with 4-5 class times each day. All classes are taught by certified personal trainers. The gym also has in-house physical therapists, a nutritionist, and massage therapist, making it a one-stop-shop for all of your fitness needs.
Bend City Council Unanimously Passes Home Energy Score Program
The Home Energy Score Program requires that homes listed for sale in Bend obtain a home energy assessment, called a “home energy score.” The homeowner or its realtor must then share the scorecard with prospective buyers looking at the home. Based on research from other Oregon cities including Hillsboro, Portland and Milwaukie, the approximate cost is $150-$275 for a Residential Energy Performance Rating.
A Home Energy Score is a rating that assesses a home’s energy efficiency. Like a miles-per-gallon rating for a vehicle, a home energy score provides information about how efficiently the home uses energy, which can inform a buyer’s purchase decision. The home energy score tool was created by the U.S. Department of Energy and is used across the country. To read more, click here.
The program will likely go into effect in July 2023. If you have any questions on how this may affect you, please don’t hesitate to reach out to us.
