Real estate prices in Bend have been going up steadily over the last five years

Some new homes are put under contract before the foundation is poured. This can leave 6 to 12 months before the home is completed and closed. All statistics from the MLS are based on the “Sold” date. Therefore these statistics are skewed. The sale is not reflected properly.

Prices are actually coming down this fall and probably will continue through the winter as the inventory continues to build. It is taking longer for homes to sell and there are more homes for buyers to choose from.

The real estate markets in California, Arizona, Florida and other key states are leading indicators on how the market in Bend will do. In1989 real estate values in Bend jumped 35%. Out of state buyers from California, Florida, Arizona, Washington State and other hot markets were selling their homes for large profits and moving to Bend to buy larger homes. 1990 and 1991 saw the out of state markets dry up with prices falling. The Bend market followed these markets before it picked up again.

This winter is the time to buy real estate in Bend. There are homes on the market now that have been substantially reduced with seller’s willing to take any reasonable offer. Some homes are vacant and can be bought with a lease-purchase. We look for the market and prices to pick back up next spring.

A report recently released by the Federal Deposit Insurance Corp., or FDIC reported that Bend is the 35th fastest growing job market in the country for the second quarter of 2006, wit a job growth rate of 4 percent during that period. The FDIC reported sales activity in Oregon fell 12 percent in the same quarter.

Building permits for single family homes have been constantly falling but the pace of building takes a while to slow down from the torrid pace of 2005. Builders have to develop the lots, get permits and start the construction. Construction of the average homes takes about six months. There are still new homes coming on the market today that were in the planning stages in 2005.

Some builders are also starting to offer more incentives if you buy one of their homes. Upgrades in appliances, floor coverings, wood work, landscaping and other aspects of construction are now free. Some builders are also willing to pay points in order to help buyers qualify for lower payments on their loans.

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There are many ways you can go about finding your perfect home

As far as homes sold this month last year at 77 to this year at 47. And on top of that the time if takes to sell the current inventory nearly doubled from this time last year of 7 months to today’s number of 12 months!

So as you can see the Corvallis Oregon real estate market has slowed down from this time last year. Some professionals say that the summer months are traditionally slow here, but you really can’t judge market conditions on what time of year it is.

So keeping all these stats in mind you have to know how to find a fair deal and still get the home you’ve always wanted.

Here are 5 steps to follow to get you there easily...

First, get yourself fully approved. Regular pre-approvals don’t fly anymore.

Find a local lender who you can sit down in person with you.

You want to deal locally because they understand the Corvallis area and know of loan programs that might be of extreme benefit.

By extreme benefit, I mean, local programs that will help with closing costs or any other expenses relating to your loan. Sometimes you might even be able to find 100% financing options that most lenders and Realtors will say “don’t exist”.

Second, make sure your are 100% set on a specific area to live.

Do this by educating yourself and familiarizing yourself with the school districts, the neighbors and what’s going on in the neighborhood at different times in the day.

Doing so will narrow down your search for homes and keep you from wasting time.

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