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How do Market Conditions Affect Your Home's Value?
Manage episode 154493402 series 1124685
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There are many great Bend area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (541) 508-3148 for a FREE home buying or selling consultation to answer any of your real estate questions.
Welcome back, everyone. We are here to talk to you today about the current state of the market in Central Oregon and why right now might not be a bad time to sell your home.
Keep in mind that real estate is local. When you read a national report talking about home values and whether it is a good or bad time to buy or sell, they are speaking generally. Every real estate market is different, and ours is no exception.
Right now, the average sold price for a home in Bend is $361,000, up considerably from the $315,000 average we saw in 2013. As you can see, there has been plenty of appreciation in the last year.
The average days a home is on the market is at 135 days. However, properties that are priced well and have good showings are selling much, much, quicker, some within a few days.
Determining whether or not it is time to sell is based on the basic economic principle of supply and demand. Right now in Bend, we have about 3.3 months of inventory, our lowest supply of homes all year. Buyer demand is still out there, but with less inventory, they don't have a lot to choose from. Putting your home up for sale in this market guarantees that a lot of eyes are going to be on your property. If you market the home well and price it right, there is no reason you shouldn't be able to take advantage of the low supply of homes out there.
Buyers that are looking at this time of year tend to be more serious. If someone is going to go out in the cold to look at homes, they aren't just doing it for fun. Combine that with low interest rates, and it looks like right now is a great time to buy or sell in Bend.
If you have any questions, feel free to give us a call or send us an email. We'd be glad to help out!
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