I recently attended the 6th annual COBA (Central Oregon Builders Association) Builders’ Perspective Breakfast and thought I’d share some key takeaways. Nationally:
- Inflation made wage gains flat this year, however when averaged out over the last 3 years, workers have experience tremendous gains.
- Family homes pending contract nationally are down 26% year-over-year.
- Disposable income is down, but is consistent with pre-pandemic trends.
- Higher rates are chasing away buyers and are causing sellers to be reluctant to list their homes.
- National average mortgage rate is currently sitting around 7% and the inflation rate peaked at 9% and is currently 6.4%.
- Housing tug-of-war (Inventory vs. Demand):
- Boomers are aging in place to keep their low-interest rate
- Strong millennial housing demand
- Migration from our feeder markets
- New construction will be at a premium to bridge the inventory gap because homeowners are reluctant to give up their low-interest rate.
- Lower demand has helped bring prices down about 2.5%. It is unlikely that we will see large price reductions because of low inventory in the area.
- One of the largest constraints from Builders’ perspective is labor shortage.
- The slowdown in the real estate market has yet to impact construction employment.
- Land use constraints, Bend is going vertical and moving to more high-density housing, We’ll continue to see more development in the Central business district. The focus is to create more housing density in a smaller area.
- Pending sales are down about 30% year-over-year however this is likely tied to inventory shortages as listings are down about 25% year-over-year.
As always, I’m here to talk about real estate and answer any questions you have about the market.
Spring is a time for new beginnings…and what better way to ring in the new season than with a fresh new hair style?! This month we bring to you some of our favorite hair salons and stylists around town.
Mark’s Pick: Tangerine Salon 10 NW Minnesota Ave Bend, OR 97703
Why it’s great: Located in the heart of downtown Bend, Tangerine has been voted “Best Salon” by The Source readers for 4 years in a row. With 18 stylists, you are sure to find a professional who can help you achieve your dream look.
Brooke’s Pick: GATHER Hair Collective 1132 NW Newport Ave Bend, OR 97701
Why it’s great: GATHER is an oasis for those that are looking for a beautiful salon with highly trained stylists and exclusive product lines. Founded in 2020 and conveniently located across from Newport Market, GATHER is an inviting and welcoming salon with a focus on eco-friendly products and practices.
Kate’s Pick: Shag Salon 222 SE Reed Market Dr. #500 Bend, OR 97702
Why it’s great: Shag is located a bit off the beaten path, but is super convenient if you live on the southside of town. With 8 hair stations, waxing rooms and manicure and pedicure stations, Shag is a one stop shop for all of your beauty needs. Looking for a hair extension specialist? Call Shag, ask for Kaleena and let her know Kate sent you!
2023 Concert Season is Coming Up!
A lot of announcements have been coming out lately. Here is what the lineup looks like so far:
Attention buyers! Cascade Hasson Sotheby’s is partnering with Select Lending and Loan Officer, Adam Ross. If you’re ready to apply check out his promotion above which could save you up to $800 on your home appraisal!