Buying a home anywhere is a stressful undertaking. There are so many things to consider when buying a home that some people simply throw the proverbial towel in before they’ve considered everything they need to know. Gone are the optimistic resale values and inflated home property values of nearly a decade ago. Gone are the no document loans and sinister property appraisals that allowed those types of mortgage shenanigans from driving up those housing prices. And when it comes to the Central Oregon real estate market, this is both a welcome relief and an obstacle.
Central Oregon Real Estate
If you are a fan of HGTV, and many people use the programming offered there to virtually decide what they would like in a home, you will find the unique properties offered in this area to be both urban in amenities and vacation-like in opportunities. Even as news outlets around the country run features about the practicality of buying a home in a major ski/snowboarding area, they tend to ignore the fact that you will probably live there year round. So here are five things you need to know about moving to Central Oregon.
You Can’t Do It Alone.
Hiring a real estate broker like the Jones Group @ Sunriver Realty gets you closer to the reality of the area than any other visit to the area will. In short order, they will ask the questions that will narrow down your preferences, specifically, where you want to live.
While the axiom is often repeated three times, location is more than just a general area. And a seasoned real estate broker will be able to define many of things you need before the actual search begins.
They may sound as if they are rushing the process, but as long as the market remains robust with low interest rates and limited properties, arriving at the right home may require you to make decisions quicker than you are accustomed. It has been noted that you will be competing with second home buyers for one in eight homes for sale in this area.
The tighter the market, the higher the stakes for available properties. In areas like Central Oregon, cash is king. It would be wise to get your financing in place before starting your search and even wiser to make sure your arrangement with the bank gives you some additional wiggle room. If you are bidding on a property with a cash buyer, you may not be in the best position to negotiate if you have to also negotiate with your lender.
On the Upside
If you are focusing your search on a specific area, think about broadening your criteria. Your real estate agent will know which areas are best suited to your needs and may have a pocket gem you might not have been aware of otherwise. In some areas, such as Bend and areas just outside of The Sunriver Resort, construction may be able to keep the competition down by increasing the number of available properties. Another thing to consider is the number of businesses that are looking at Central Oregon with this attitude: “If I have to find a place to locate my business, it might as well be a nice place!” And lastly, the second home rental market is very strong and that is an option worth considering.
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, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
Karen Marcy, Broker/Realtor
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123
Licensed in Oregon