August Home Sales In Bend Highest In 5 Years

The 161 closed home sales in Bend last month was the highest number sold in the month of August since 2006, when 215 houses were sold in the midst of the housing market frenzy.  Sales volume increased nearly 30% from a year earlier, when just 124 sales were reported sold.

Prices also jumped from year ago levels.  The median sale price in August was $209,900, up 19.9% from August 2010 ($175k).  In fact, both the median sale price and the median price paid per square foot ($111.71/sf) nearly matched the levels from August 2009 ($210,000 and $112.72/sf respectively).

The combination of lower prices and historically low interest rates has lead to increased activity across the board.  Investors are buying houses to rent and earning relatively healthy returns, renters are coming to the conclusion that it makes more sense to buy a home and many families are "upsizing" in to bigger homes and taking advantage of the unprecendented opportunities in today's market.

I think you'll be surprised to find out just how much home you can comfortably afford to buy with today's low rates and prices.  Call me to find out.....541.410.9060.

Bend Home Sales Slow, Prices Mixed

Single family home sales in Bend slowed from a year earlier in June, while prices continued to show some stability.  139 closed sales were reported to the MLS of Central Oregon last month, compared to 152 a year ago.  The median sale price was $210,000, down 3.21% from June 2010.  On a square foot basis however, prices increased 6.21% to $116.67/sf.

The number of closed short sales increased 23.33% and were more common last month than bank-owned foreclosure sales, which declined 32.5% from a year earlier.  Short Sales accounted for 26.6% of all stick-built, single family homes in Bend last month, while foreclosures made up 19.4%.   

May Sales Show More Stability In Bend Real Estate Market

After dipping in April, home sales in Bend rebounded in May, increasing 8.7% from a year earlier.  In addition, prices were nearly identical to May 2010.

162 home sales were reported to have closed last month, according to data from the MLS of Central Oregon.  A year earlier, 149 houses were sold.  In April, only 133 closed sales were reported.

The median sale price in May was $185,000 ($100.16/sf) versus $186,000 ($100.92/sf) for the same period in 2010.  Though the price paid per square foot for May sales is down from April's $107.65/sf, it is slightly higher than the average paid through the first 4 months of the year, when the price per square foot was $99.06/sf.

Contact me today to find out what your house is worth in today's market or to get started on your search for a new home.

Would $20,000 Motivate You To Do A Short Sale?

J.P. Morgan Chase has begun offering qualified homeowners tens of thousands of dollars as an incentive to short sell their homes.  While details of the program are still murky, I've done quite a bit of research and talked with other agents I know around the country who also do a lot of short sales and here is what I've found to be consistent:

• The loan in default was originally made by Washington Mutual (WAMU);
• The loan is an "option ARM," "pick-a-payment," negative amortization loan;
• The amounts offered vary from $10,000 to $35,000, apparently depending on the size of the loan;
• Chase will send you a letter if you qualify; it's not something you can ask for;
• The borrower/homeowner is paid the amount stated in the letter when the property sells and escrow closes.

All the letters I've seen are identical to the one below, except that the dollar amount changes. 






It's hard to believe this is real, I know, but it is actually happening! 

If you or someone you know receives one of these letters, don't throw it out, thinking there must be some catch.  Call me!  I'm specially trained at negotiating and handling short sales and can help you take advantage of this incredible opportunity!