- Mortgage Interest Rates hit historical lows this past Summer. With that said, rates have begun to bounce around just a little bit and have risen recently. The latest commentary tells the story of a scenario where interest rates could be ready to rise dramatically. Skyrocketing interest rates remains to be seen but, the important thing to keep in mind is that the interest rates are showing upward activity. A occurence that hasn’t been seen in quite sometime.
- Home values are nearly half of what they were when the housing market was at the heighth a couple years ago here in Central Oregon. Sunriver home values specifically are down but not to the same degree as the rest of Central Oregon. My estimate is that Sunriver home values exist somewhere between 60% and 70% of what they were during the real estate boom.
If you are looking to buy, invest, or sell and than re-enter the real estate market (all favorable positions) and you havent pulled the trigger because you aren’t sure or haven’t found the perfect property… it might already be too late. Another person, with funds and a desire to make a sound investment just bought your ideal property. Anyone who tells you that the real estate market is bad, is not telling you the whole story or might be telling you there own sob story. Don’t get sucked in to it!
If asked about the housing market, someone who knows real estate would say that it all just depends on your position within it-tremendous opportunity exists if your on the right end of things. If you are buying or investing they might warn against trying to time the bottom of the market. It makes very good sense to listen to that person if it concerns you…
Kyle – I can still remember when prices in Sunriver originally hit the $200 a sq ft mark – then soared to $300 – and occasionally over $300 – we certainly are back to the $200 range for most homes – there are some amazing deals out there right now – and rates are still very low – if a buyer is thinking of Sunriver for their vacation home or investment now may be their very best opportunity – even if prices go down a little further – interest rates may not be as low – meaning you have not gained a thing waiting for the lower price – it is all about timing and the time is right 🙂
Thanks for the reply Thesa. Wild to think about how dramatically the market has come and gone.