Good News For the Bend, Oregon Real Estate Market - expect a 3.3% increase in home values for 2010.
According to a recent report by Money Magazine, Bend made the Top 10 list for for the nation's largest metro areas expected to see an increase in home values over the next year. Here's what Money Magazine had to say about the Bend market:
Poised where the Cascades meet the Great Basin desert, Bend is a sportsman's paradise, drawing tourists from all over the Northwest. Other economic engines include health care, tech services and wood products manufacturing. But unemployment is high, with 14.9% out of work as of December.
During the bubble, Bend was one of the strongest residential markets in the nation. Prices rose 130% from 2000 to early 2007 before dropping 34% since. A modest gain is projected for 2010, banking on the area's attractions to lure in enough new buyers, especially retirees, for prices to stabilize.
While the news is great, local reactions are mixed. Home prices are incredibly low leading some to say there's no where for the Bend real estate market to go - but up. It's a great time to buy but a tough time to sell. Notice of Defaults were at an all time high in January 2010 and unemployment is still incredibly high. People with jobs aren't seeing raises but our utility bills are. However, homes ARE selling and people ARE still moving to Bend. In fact, about 1/3 of the prospective buyer calls I recieve on a daily basis are from outside of Central Oregon. Investors are starting to purchase run down properties and housing IS affordable.
So, what's your opinion?
Has the housing market reached the bottom? Will we see a 3.3% increase in home values. As Bend home owner, I sure hope so!
Get your market report for your Bend home. Find out the property value for your Bend Oregon home with our free personalized market reports.