In keeping with our recent discussion based on the importance of home inventories and how that information can impact your opportunities, I thought we’d explore one of the most popular full time resorts in Central Oregon: Sunriver. All markets ebb and flow depending on numerous factors. A seller’s market represents more buyers than homes for sale. A balanced market offers just the right amount of homes for sale. And lastly, a buyer’s market suggests more homes for sale compared to buyers who are looking to buy. So where does Sunriver fall? Some might say it is a buyer’s market.
What is Sunriver?
Few people in Oregon can honestly say they have never heard of Sunriver. The resort community has been part of the Central Oregon landscape for decades, giving Oregonians a unique destination resort within driving distance of a major metropolitan area.
Sunriver Resort’s founder John Gray intended this unique resort as way to get you out of your car and into the landscape. It was an unparalleled success. Established in 1968 at the site of Camp Abbott, Sunriver was the forward thinking design of the same man who designed Salishan.
Why might Sunriver be a Buyer’s Market?
Unlike the housing recession that is still fresh in our memories, some buyer’s markets are softer than others. Many buyer’s markets are determined by economic reasons that may be out of the control of the parties involved in the transaction. High interest rates may reduce the number of buyers searching for a home. To compete, sellers must lower the asking price for their home.
In Sunriver, which was relatively stable in terms of pricing throughout the housing recession, is an older community. While still a major and affordable destination, Sunriver is not expanding in the traditional sense. New homes are being built but not nearly at the pace found in nearby Caldera Springs or Bend. This information suggests that the inventory might be low. But current owners, both full-time and part-time are listing their homes for sale, adding modestly to the availability of properties.
Are Sellers Creating a Buyer’s Market?
When a community begins to show some age, people looking to sell their property face some serious decisions. Sellers often think that a few cosmetic upgrades will entice buyers to purchase. But in a post-recession landscape, shoppers are much savvier and lenders are more demanding. This means that appraisals will weigh heavily on the asking price. While asking prices are still reasonable for a resort community that has made major upgrades, any reluctance by current owners to take a few steps to maintain their properties can impact the whole.
How Your Agent/Broker Can Help
If you are looking to list your property in Sunriver, a fresh set of eyes can be critical. At the Jones Group @ Sunriver Realty, we have a keen sense of what buyers are expecting. We have found that staging has become incredibly important. Buyers will need to visualize how their needs fit into the property you are listing and nothing achieves that better than some simple rearranging. While the overall condition of your home is also important, and even as this incredible resort has matured adding community-focused upgrades in the process, sales remain brisk. This area has struck a nice balance in relation to what would be traditional inventory statistics and if you are looking for a home in Sunriver, we a very optimistic that we can find the right property for you.
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, 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