When to Buy a Central Oregon Home in 2017
This is the time of year when people speculate about what the New Year will be like. In light of the contentious presidential election and the fact that we focus on all things real estate, I thought I would float a few thoughts about what the upcoming year might present for home buyers in Central Oregon. I’ll focus on home sellers in another post but for now, on the eve of 2017, I’ll turn my crystal ball on the question of when you should buy a Central Oregon home.
First, I don’t have a crystal ball. While my business is determined to understand your wants and needs, your hurdles to get to the point where you would like to buy a home or sell one, and accommodate each individual situation with all the expertise I can muster, I tend to react to the ever-changing marketplace.
Second, I have high hopes for Central Oregon. Many of the areas my team works in continue to be growing. And while there may continue to be inventory issues at points during the year, on average, there are properties available and if last year was any indication, 2017 will be more of the same. There is new construction in Caldera Springs worth noting and if the president-elect makes good on his campaign promises, builders will be encouraged by a less restrictive environment along with tax advantages. Sunriver will add much needed affordable primary and secondary housing that might appeal to buyers who are financially well-positioned. Bend will continue to become more urban. For those that can afford the increased prices, this area will be even more of a destination.
Third, I believe it will cost more to live here. While you can scan the web for all sorts of predictions about interest rates in 2017, they will go up. They have been going up and this trend can be expected to continue in 2017. They have been historically low for a long time and this has been both good and bad for my business. Good because those who had robust financial balance sheets benefited with the low rates and bad because many somewhat qualified borrowers with slightly damaged credit were excluded. I’d like to say that this will change in 2017 but I just don’t think it will. Loan restrictions may get a little looser but the best credit will get the best rate.
A fourth prediction might be a given: prices will go up. They have been steadily since their 2008 lows and even though rates will increase, there will be fewer homes available.
The fifth and last prediction suggests that when you come to see me it will be the result of your hard work, your ability to save, and of course your efforts at maintaining a better-than- good credit score. And I predict I will have the exact home you are looking for.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Principal Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
N Mobile: 541-420- 3725 | B Mobile: 541-420- 4018 | Fax: 541-593- 5123
Licensed in Oregon