Central Oregon Real Estate Mailbag | The Source Weekly

Q: Should I buy my first house now? – Leslie R

A: Many ways to approach this question. The answer is not the same for everyone as everyone’s circumstances can be different. Sure, interest rates are higher today than they were a few months ago. The consolation prize is that prices have gone down and inventories have gone up, so it’s also less of a sellers’ market today. Buyers can start bidding below the asking price as well as ask for certain concessions. I’m not going to give you a speech about “interest rates are still historically low” because prices have risen dramatically in recent years. We are now seeing prices stabilizing, slightly below the Spring 2022 “peak”. The answer to that question really is up to the individual or family making the decision: weigh your options, play through different scenarios, but ultimately you must make the right decision for you or your family.

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Q: Is it worth replacing the bedroom carpet in a home I plan to list this winter? -Steve W

A: Well… assuming it’s just old and not stained or really dirty, probably not. Many buyers plan to make their own alterations to the home, so your money is best spent elsewhere. Where is the best place to spend money? I think getting the most bang for your buck will always be tidying up, tidying up and organizing. Whether you do it yourself or hire someone to do the work, a tidy, clean home looks much better and seems to have much more value than a cluttered, dirty home. Being willing to spend a little more money to have your home pre-inspected and have the ability to have the items repaired before a contract deadline can reduce the stress that comes with selling a home. Landscaping can also be a fairly inexpensive way to increase the appeal of your home. fresh bark dust, gravel, or a few plants and flowers (less effective in winter) can go a long way to adding appeal and value to your home.

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Update on a question from a few weeks ago:

Back in early August, we were asked how many purchases were made with cash versus funded purchases in Bend. While we don’t have the full numbers for Q3, the most recent Beacon report shows that the number of cash purchases increased from Q1 (34, 37, 45 transactions) to Q2 (50, 56, 43 transactions ) and has risen so far in Q3 (52, 47, ? September transactions). No really noticeable trends, especially if you look at the Beacon’s graph (check out the Beacon Appraisal Group’s website). Looking back at 2020 and 2021, there were more cash transactions then than there are now. This could be explained by the fact that due to the competition in the real estate market in recent years, people have bought a property for cash and later taken out a mortgage after completing the purchase. I will update this again in Q4.

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If you have a real estate question you would like answered or a topic you would like covered please contact me with your questions at [email protected]

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