Central Oregon Real Estate Mailbag | The Source Weekly - Bend, Oregon

Central Oregon Real Estate Mailbag

Answering your real estate questions

Q: Should I buy my first house right now? -Leslie R

A: Lots of ways to tackle this question. The answer is not the same for everyone as everyone's circumstances can be different. Sure, rates are higher today than they were a few months ago. The consolation prize is that prices are down and inventory is up, so it is less of a seller's market today, too. Buyers can begin to offer below asking price, as well as ask for certain concessions to be made. I am not going to give you a speech about how "historically speaking rates are still low," because prices increased dramatically over the last couple of years. We are now seeing prices stabilizing, down a bit from "the peak" of Spring 2022. The answer to this question really lies with the individual or family making the decision: Weigh your options, run through various scenarios, but ultimately you must make the right decision for you or your family.

Central Oregon Real Estate Mailbag

Q: Is it worth replacing the bedroom carpet in a home I am planning on listing this winter? -Steve W.

A: Well... assuming it is just old as opposed not stained or really dirty, probably not. A lot of buyers plan on making their own changes to the home, so your money is best spent elsewhere. Where is the best place to spend money? I think the best bang for your buck will always be with cleaning, decluttering, organizing. Whether you do it yourself or hire someone for the job, a tidy, clean, home shows so much better and appears to have much more value, than a cluttered dirty home. If you are willing to spend a little more getting a pre inspection done on your home and having the ability to get the items fixed before being under a contractual deadline, can take away a lot of the stress that comes with selling a home. Landscaping can also be a pretty cost effective way to raise the curb appeal of your home; fresh bark dust, gravel or a few plants and flowers (less effective in winter) can go a long way to adding curb appeal and value to your home.

Update on a question from a few weeks ago:

Back in early August we were asked about how many cash vs financed purchases had been occurring in Bend. While we don't have the full 3rd quarter numbers, the most recent Beacon Report indicates that the number of cash purchases increased from quarter 1 (34, 37, 45 transactions) to quarter 2 (50, 56, 43 transactions) and so far quarter 3 (52, 47, ? September transactions). Not any real noticeable trends, especially if you are looking at the Beacon's graph (check out Beacon Appraisal Group's website). Looking back through 2020 and 2021 there were more cash transactions going on back then, when compared to right now. That could be explained by people purchasing a property in cash due to the competitive nature of the real estate market the last couple of years, and later taking out a mortgage after the purchase was complete. I will update this again in the 4th quarter.

If you have a question about real estate, you would like answered or have a topic you would like covered, please reach out to me with your questions [email protected].

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