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The Appraisal Trap: How Lenders & Appraisers Impact Your Home’s Value
Many assume the real estate appraisal process is an exact science, but it’s far from perfect. However, in reality, appraisals are based on an individual appraiser’s interpretation of market data, which isn’t always as precise as buyers and sellers might hope.
Appraisals are one of the biggest wild cards in a real estate transaction. While most sellers and agents focus on a buyer’s financing strength, few consider how the lender selects an appraiser and what that means for the deal.
While appraisals serve an important role in the lending process, their accuracy can vary depending on who conducts the appraisal, how familiar they are with the local market, and the process by which they were assigned. In some cases, a poorly matched appraiser can create unnecessary roadblocks—even when the agreed purchase price is fully supported by market conditions.
November 2024 Bend Real Estate Update: Market Shifts You Need to Know!
Bend Market Shifts, November 2024
The Bend single-family residential (SFR) market experienced a notable shift last month, with the median sale price dropping from $800K in October to $700K—its lowest point since early 2024. High-end properties over $1 million represented roughly 21% of total sales in November, a significant decrease from 35% in October.
Sales activity slowed overall, with fewer transactions and an increase in average days on market to 51 days. Meanwhile, SFR inventory remained steady at around a 3-month supply. These seasonal patterns, including longer market times and reduced sales volume, are consistent with Central Oregon’s typical real estate trends for this time of year.