Yes, we all know the housing market has taken a hit, here in Bend OR as well as the rest of the country. So sellers should know this? Right? And they do, especially when they are buying a house. Or when advising neighbors and family how to sell their house. Never mind their Realtors are telling them how to price their homes. Yet when it comes to each seller finding a price for their home that will SELL that home, they tune out. Or at least often that is the case.
This morning on our MLS tour, however, I found a great buy. How about a beautiful 2500 square foot home on 2.4 acres near town with Cascade views, a beautiful lot and a price just over $400,000? It really is a great buy. And an effective buyer's agent can help you negotiate a truly excellent price on it. Give me a call and I can send you the listing and a virtual tour. Or a small home on 2 1/4 acres near public lands for endless walking or riding, also close to town, for just over $300,000?
Not everyone is enlightened, though. I also saw small homes in town which should be well below $200,000 that are priced at $220,000 and one that should be about $250,000 coming in at over $320,000. In this market overpricing is like chasing a ball downhill. You can't run fast enough! If a home is priced right from Day 1 it has a reasonable chance to sell, but if not, you can never catch up. And the longer the home is on the market, the higher your discount from asking price will be. As it is, days on market is over six months on average.
It's an interesting market! Out of four offers I have written lately, three are short sales (the seller owes the bank more than the value of the home), so there are fabulous buys, but patience is the order of the day. If you would like a list of foreclosures and/or short sales, give me a call or email me and I can send those to you.
And for those first-time homebuyers, don't forget that $7,500 government credit that will expire this April! And interest rates are incredible! 5 1/4 percent for 30-year fixed mortgages -- and declining. If someone you know is waiting to buy, this winter is just the time to get serious.