As is happening nationwide, we in Bend are experiencing foreclosures in record numbers. I have looked at sales in December, January and February to see if the number is actually increasing. It is. For instance, in December 2008 12 of the homes sold in Bend, whether on small lots or acreage, were bank owned. In January of 2009 that number doubled to 23, and in February, a shorter month, there were more bank owned homes that sold, up to 26.
In the not-so-distant past we were hard pressed to find homes for sale under $200,000, but now there are over 200! This does not include farms and ranches in this price range, but there are buys galore (see previous blogs) in farms and ranches in Central Oregon.
In December, prices of foreclosed homes that sold ranged from $111,000 to $459,900; in January that number was $100,000 to $515,000 -- a huge 3,400 sq ft beauty -- and in February homes ranged from $110,000 to $600,000 including homes in Broken Top, Northwest Crossing and homes with acreage. Price per square foot, interestingly enough, actually INCREASED from $114 in December to $122 in January and February. Days on market also increased from about 2 months in December to 3 months in January and February. Since average days on market is currently over 6 month for non-bank owned homes, you can tell banks are offering great deals to get the properties off their books.
Please call me at 541-383-4352 or email me at Lynne@LynneConnelley.com to be emailed current listings that are bank owned and new listings as they come on the market. As a colleague of mine said today, "I wish I had cash! There are screaming deals out there!" I agree. These are the days we will look back on and say, "I could have bought that cute downtown bungalow for $200,000." This is the chance of a lifetime. Your lifetime.