5 Tips for First Time Homebuyers
You have decided now might be the right time to enter into the Bend real estate market. Sometimes for first time homebuyers the process of purchasing real estate can be intimidating and very overwhelming. Keith Petersen will be there to help step you through the process from start to finish, he will help you get in touch with a mortgage broker to get you pre-approved so you know what price range you can start shopping in for homes, he will help you navigate the location and neighborhood that would fit your lifestyle and needs best and of course negotiating the purchase and handling all the paperwork that goes along with the real estate transaction. Below are 5 tips and advise to help you prepare for home ownership.
Create Your Ultimate Outdoor Kitchen
Create a beautiful outdoor cooking space for relaxing and entertaining all summer long.
As summer approaches and temperatures start to rise, no one wants to spend time inside sweating over a hot stove. With an outdoor kitchen, you can make the most of the beautiful warm nights by spending them with your friends and family.
Whether you have thousands to spend or a just few hundred to splurge, create your own outdoor kitchen and enjoy all it has to offer.
A rusty, dusty grill doesn't inspire lingering outdoor evenings. Upgrade your outdoor grill and take care of it all year round for a stand-out outdoor kitchen. A standard grill will cost you $150 to $300, and top-of-the-line outdoor ranges may be upwards of $1,500.
Before buying the biggest and best grill, consider how you will use one. Will you be feeding the whole soccer team? Or perhaps grilling some steaks for a romantic dinner for two? Look for a grill with features you will actually use and not just the latest trends.
If your basics are up to date, then you'll want to upgrade your patio furniture and seating options too. If you plan on dining outside often, invest in an actual dining table and appropriate chairs. Eating a gourmet dinner off your lap downgrades an otherwise luxurious experience.
If you're looking for more versatile pieces, sleek contemporary options coordinate nicely with most outdoor kitchen setups. Expect to spend a good chunk of change on quality furniture, but remember: With the proper care and maintenance, it can last as long as high-end interior pieces. Make sure you have a plan for the off-season, whether that's moving outdoor furniture to indoor storage or securely covering it to protect it from the elements.
Want a prep sink? Wine fridge? Ice machine? Built-in smoker? You got it. The sky's the limit when it comes to custom additions — or rather, your budget is the limit. Think carefully about your space before making a wish list.
Perhaps a full chef's kitchen won't quite fit in your backyard, but a beautiful wine fridge and some extra counter space are just what you need to take your outdoor kitchen to the next level.
Some features require installing or extending utilities (think: water or electricity), so don't forget about portable additions such as a bar cart — which adds class without hassle.
Think about how you will provide amenities to make being outdoors comfortable, such as shade, heat (if using your space year-round), and perhaps even a few extras like a TV or audio equipment.
Tucking the seating close to the house may help you take advantage of a porch or awning. Otherwise, structures such as a light-strung pergola add shade during the day, light at night and atmosphere all the time.
If you have the room, the addition of a fireplace allows for a longer entertaining season. Outdoor kitchens don't have to be just for summer, after all.
If you like to have some indoor comforts while enjoying your beautiful outside oasis, television and music can be connected outside — although it can be expensive. Bluetooth or portable speakers, a projector and a large sheet, or even an old-fashioned radio are more budget-sensitive options for those looking to add a little fun to their outdoor space.
Create an outdoor kitchen that suits your style and taste. If you're working with an existing space, be sure to embrace the style and play up the features, such as dark wood, stone and classic columns.
If you're starting from scratch, take a look at your indoor design and see what features you like. Then consider incorporating those color schemes, design styles or even furniture shapes into your outdoor kitchen.
While you can't go wrong designing your outdoor space, consider designs and colors that are versatile so you're not limited if you want to mix things up in the future.
Your outdoor kitchen should be a comfortable, relaxing space for entertaining or unwinding after a long day of work. Make yours an escape that works for you.
When planning your outdoor kitchen, think about adding one or two small luxuries that will make you excited to enjoy your space. These can be as small as pretty tea lights scattered around or as large as a wood-burning pizza oven.
If you don't have a backyard and would like to find a home that does, search all homes for sale in Central Oregon here
Originally published June 2016. Natalie Wise
Mortgage Applications Defy Forecasts
Home buyers are entering the real estate market at a much brisker pace than many economists forecasted. Mortgage applications for home purchases continue their upward streak, rising 9% last week compared to the previous week, the Mortgage Bankers Association reports. This marks the sixth consecutive gain for home purchase applications and a 54% increase since early April.
"The home purchase market continued its path to recovery as various states reopen, leading more home buyers resuming their home search," says Joel Kan, the MBA's economist. "Additionally, the purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March."
Housing demand was strong at the start of the year but significantly declined as the COVID-19 pandemic set in. Economists are noticing the sudden uptick as buyers reenter the market. The Commerce Department reported this week that newly built single-family homes saw an increase of nearly 1% in April. Inventory shortages in the existing-home market are prompting more buyers to new homes, analysts speculate.
Further, home prices continue to hold strong due to a lack of housing inventory on the market.
Buyers could be being drawn to record low mortgage rates. The average contract interest rate on a 30-year fixed-rate mortgage was 3.42% last week, the MBA reports.
"The low mortgage rates, without a doubt, are helping to entice buyers back into the market," Lawrence Yun, chief economist of the National Association of REALTORS®, told realtor.com®. Also, "real estate may be viewed as a safe asset in the upcoming years," he adds.
Buyers are taking out larger mortgages. The average loan size was about $340,200 during the week ending May 22, up from a $315,300 low set during the week ending April 3, the MBA reports.
Meanwhile, refinance applications have not been performing quite as strongly as purchase applications. Refinance applications dropped 0.2% last week. Still, refinance applications are up 176% over a year ago.
Now is a great time to purchase your home, get a step by step list of what you need to do to get ready to buy a home. Information for buyers
Deschuts County Real Estate Market Data
Real estate market data for Deschutes county includes, Sunriver, Bend and La Pine. Keep in mind when looking at the graphs we are in the process of popping back from a pandemic that shut down our towns for the last two months. With that in mind these number are actually very impressive.
Real estate data for the first quarter of 2020 for Sunriver, Oregon
For the first quarter of 2020 Sunriver had a total of 31 residential properties sold, that is a 3% change from last year with not short sales or bank owned properies. The average real estate sales amount was $601,658 that up from last year by abour 11% with a median sales amount of $506,000. Average days on market for Sunriver was about 129 days, that is us from last year by 11% but keep in mind that Sunriver has been shut down for 2 months during this quarter, so actually that is not bad numbers.
Total number of condos or townhomes that were sold in Sunriver was 9, that is down by -36% with an average sales amount of $326,521 and a median sales amount of $355,788 with average days on market of 99.
Deschutes County Real Estate Data for Bend, Oregon
Total solds for Bend residential real estate sales with less than one acre in the first quarter were up from 2019 by 18% with 455 solds now short sales and 1 bank owned property. Average sales amount was $546,461 up by 7%. Median sales amount was $454,600 up by about 3% from last year. Residential real estate in Bend with over one acre was up from last year by 26% with a total of 68 solds, average median sales amount of $779,500 and average sales amount of $896,100.
There were 12 manufactured homes sold with less than 1 acre and 7 manufactures homes sold with more than 1 acre this number is down from last year with an average sales amount for less than one acre of $292,729 and $349,357 for over one acre. Townhomes and condos sold in Bend were 54 thats a 6% increase from 2019 with a median sales price of $334,950 an increase of 3%.
See the Bend 1st quarter statistics table below for more information.
Overall in Deschutes County it is still a sellers real estate market, home prices are holding their value and I would say they will even go up as we go into the second quarter and head into the summer months. With pending sales declining in April during the middle of the pandemic we were wondering what direction our housing market was going to go. Now we see pending are higher in May than they have been all year, this should give you hope that prices are going to increase.
If you area thinking of selling your home, listings are very low and we are finding that if priced right we are getting multiple offers and in some cases driving the price up above the asking price. We are have a 40% decline in newly listed homes for sale vs last year. That's a huge decrease!
Find out what your home is worth today just by entering your property address, go to the main paige of www.isellsunriver.com and scroll down to enter your address.
If you have any questions about this report or what is going on in the Sunriver, Bend housing market give me a call/text at 541-815-0906 or email firstname.lastname@example.org
"Information deemed Reliable but not Guaranteed." Information was gathered from Central Oregon Association of Realtors.