As we enter the final quarter of 2015, one question is looming for buyers, sellers, and renters alike: What will the next year bring? While Bend is considered by many to be one of the stronger real estate markets nationwide, experts in the field are only cautiously optimistic that the market will continue the rapid-fire growth it has seen over the past three years. The general opinion by real estate analysts is that growth will continue, but more slowly. A rise in home appreciation of 5-10 percent in 2016 can be expected. It's no burst bubble, by any means, but may come as a surprise to many potential sellers who were waiting to put their house on the market in hopes of larger home price gains.
Some experts locally also expect income to grow by as much as 5 percent over 2016, but is that enough to combat rising interest rates, home prices, health care costs, and the looming student debt many buyers face? Current mortgage rates are nearing 4 percent, and expected to rise in the 4th quarter of this year. Home buying programs for lower-income families such as the Oregon Bond Mortgage may help, as they offer lower than market rate loans for borrowers who qualify.
The general consensus given by real estate experts in Central Oregon seems to be this: Buy now, before prices and rates rise any higher, and sell soon, because prices are nearing their plateau.
Low:
1742 NE Tucson Way, Bend, 97701
3br, 2ba, 1348 sf, 0.17-acre lot, built 1980
$215,000
Listed by Home Smart Central Realty
Mid:
3065 NE Quiet Canyon Dr, Bend, 97701
4br, 3ba, 1748 sf, 0.12-acre lot, built 2003
$334,900
Listed by Fulcrum Properties Group
High:
2540 NW 1st St, Bend, 97701
2br, 3ba, 2845 sf, 0.35-acre lot, built 1999
$949,000
Listed by Duke Warner Realty
