Welcome to our latest edition of Real Estate Watch.  Below we share our overview of the dynamic shifts and trends shaping the real estate landscape in our community.

January is typically a slow period for real estate activity.  The holiday hang-over tends to keep buyers and sellers on the sidelines as they evaluate what the coming year is going to bring. With interest rates being the main focus as we turned the corner into 2024, it didn’t take long for the hopes of buyers and sellers to be dashed when the Federal Reserve put the kibosh on a 1st quarter rate reduction.  This will keep rates higher for longer than expected (or wanted), with a new target of Q2 for a potential drop in rates.

If you’re a cash buyer, interest rates won’t affect your purchase decision.  For those that need a mortgage, most lenders have creative programs to lessen the sting of higher rates, so ask your lender about those options.  

Active buyers should shop early as inventory is expected to be in short supply, as evidenced by the drop in inventory in Bend and Redmond in the month of January.  

As always, if you have questions about the market or the process of buying or selling, get in touch with us and we’ll share our thoughts and expertise to help you make the right decisions.

– Ken and Molly

PS.  We really appreciate your referrals!  If you have friends, family interested in Central Oregon real estate, please pass along our contact info. Thank you!

 

February 2024 – STATISTICS

 

Data Summarized from the Beacon Report.