Bend Oregon Real Estate Community Forum

With the daily influx of conflicting information on the state of our National, Regional, and local economies, it’s easy to feel like we are on a bit of a roller-coaster ride.  A ride that is quite frankly far from over.  As an early indication to the start of the year, the DOW posted one of it’s worse performances for the beginning of a new year.  The continued decline in consumer confidence along with weekly announcements of retail and corporate bankrupties is beginning to send chills down the backs of every individual across the Country.  

In fact it was just announced again by several Economists that the worse is likely yet to come.  The threat of “an accelerated pace of bank failures has now become imminent” is what was quoted by one economist yesterday. 

Not to paint the gloom and doom picture loud and clear for you, however the bottom line is that if you are looking for real estate investment opportunities, the best is yet to come in the months ahead.  If you have been patiently waiting on the sidelines for one of the best buying opportunities we have seen since the Great Depression, your day is about to arrive. 

We are already beginning to see increased buying activity with aggressive offers now being accepted by Banks who just want to unload these properties from their Asset lists and reduce their bad debts exposure as they face the reality of not being in business much longer. 

Rising unemployment statistical data along with 4th quarter retail sales data being announced in the coming weeks is certainly not going to help the cause either.  It’s a quest for survival by all.  These times require tremendous inner strength and perserverence to weather the storms.  The storms will pass but we are in the midst of a hurricane force storm that has caught everyone by surprise by the severity of what is to come.  

We all must hang on as better days will lie ahead.  However the next 6 months will no doubt be some of the most challenging our country has experienced in decades.  No amount of capital infusion by Congress will quickly reverse course on the state of our current economic crisis.  It will take some time to unfold and sort through the wave of financial destruction and corruption we have seen and that of what is yet to come.

As always, we welcome your comments and feedback.

Amazing how things can change in a matter of days.  Last Friday it seemed like our National economy was about to face a serious collapse this week.  That is until the Citibank bailout announced on Monday followed by the Housing Stimulus package Congress put into action late yesterday.  It will be interesting to see if this will finally turn the tide on our lagging economy. 

In the last couple of weeks, I am happy to report that we have seen an increase in “Pendings” and “Contingent” statuses in our MLS.  Perhaps Buyers have finally realized that they don’t want to miss the boat on all of the amazing buys currently available.  It seems as though as soon as good news in our markets is announced, we see an uptick in Offer activity.  Naturally there is a correlation and it would be sad to see somebody miss out on the potential to purchase a home for 20% below 2006 peak market prices.  It’s a risky game to play in attempting to time these markets.  In fact you really have to do a little research and see that a great deal of properties are now being Sold at below actual construction costs. 

My advice, if you are not looking to flip your home for a quick profit, now is the time to jump in and take advantage of the weak housing markets.  These market conditions will not last forever, and if you wait too long, you may just miss out on one of the greatest buying opportunities Central Oregon will see in a very long time.

As always, feel free to call or email us at GOBEND REALTY anytime.  We’re here to guide you through these turbulent market times.

Today it was announced by a prominent economic advisor that we have the potential to see the Dow slip to 6700.  This is the level that Technical Chartists see where the Dow may head in the days and weeks ahead.  It’s no surprise, but the state of our current economy is indeed heading in unchartered territory. 

GM Collapsing, huge unemployment numbers, skyrocketing foreclosures….possible depression? 

While it’s certainly easy to get caught up in the doom and gloom and all of the what if scenarios, we have to remain diligently focused on our long-term goals.  Having spent over 8 years of my career in the Financial Investment world, I can say first hand that Wall Street is quick to react in knee jerk actions that can change market directions in an instant.  In fact many of you will likely read the local headlines in the months to come only after a market correction has already been priced into the markets, including real estate values.

You see many people wait for a confirmation of a market bottom when in reality, it is impossible to rely upon a headline of such.  Just yesterday it was announced that we have been in a recession since Spring of this year!  You see where I’m going here.  By the time a market announcement is made, IT’S OLD NEWS!!

The same will hold true for our real estate values.  By the time you see a local headline that Bend Real Esate Values are beginning to rebound, you will have already lost the opportunity to buy in at the lowest entry point. 

Now I’m not at all suggesting that you run out the door and buy every property you can get your hands on today, but I will say that if you are in a position to consider making a purchase today, now is a very good time to consider our market.  Opportunities abound right now.  Asking prices are merely suggested starting prices as we have seen with  many of the offers we have negotiated of late.  What a difference from the bid it up, multiple offer scenarios that were being played out just a few short years ago.  If you were willing to buy in that type of market scenario, why wouldn’t you consider making a purchase today?

It’s important to remember that more real estate millionaires were made during down markets than any other market cycle. 

Want to chat more about our market or where I see our values going?  Drop me a post here and I would be happy to respond for all to read.

As always, Get on the move…GoBend!

Welcome to the GoBend Realty Marketwatch Blog.  An informative real estate forum with news and updates on the pulse of the Real Estate market in the Bend and greater Central Oregon areas.