The current market in Bend, Oregon
Hello! We are a traveling family and have been on the road for almost a year. Currently, we are in Bend, Oregon. The city is amazing and we may have found a place that makes us want to settle! Relating to real estate, can anyone give some general advice on the area or recommend local people to work with?
From looking, I have noticed that the prices are higher than many parts of the country. Locals pay a premium for such a beautiful area! Does anyone have opinions on the local state of the market? Should I hold out to buy? Will prices continue to surge? Any advice will be appreciated!
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In Bend, demand is soaring, and supply is limited, and was just limited further by the recently adopted UGB, which can't be updated for another 20 years, as I understand it. I certainly don't think that the bear market will go on forever, but many signs point towards more price appreciation in the next couple years....after that, your crystal ball is as good as mine:) We've pretty much seen 10% price growth every year for the last 8 years, and average (not median) home price at the end of Dec 2017 was 470k. If we get another 2 years at 10% growth (before we see a dip or leveling in the market, the average home price will be 570k....3 years would be around 625k.
It's a terrible time for cash flow, but a great time for appreciation. If cash flow is important, look into Redmond, Prineville and LaPine. The Bend cash flow ship sailed back in 2012/2013.