A Bend Real Estate Agent says it's a seller's market again in Bend. Agent Kip Lohr with Lohr Real Estate was a guest Tuesday on 1110 KBND's Your Town.
"WE ACTUALLY HAVE A REALLY WEIRD MARKET RIGHT NOW- SUPER DUPER LOW MORTGAGE RATES- BUT REALLY LOW INVENTORY- THERE'S JUST A LITTLE OVER 2 MONTHS OF INVENTORY IN BEND- AND SO ITS KIND OF A FEEDING FREEZY- MULTIPLE OFFERS - BUYERS ARE FEELING LIKE THEY ARE MISSING OUT- SO THEY ARE OVER-PAYING SOMETIMES A LITTLE BIT- SO WE HAVE A MINI BUBBLE GOING ON RIGHT NOW."
Lohr says the average price of a Bend home last year was 230 thousand dollars and that has jumped all the way up to 267 thousand in one year, which is a dramatic increase.
He says there is almost no inventory in the lower end of the spectrum, which are homes priced below 150 thousand dollars. Still, he says there are still a lot of distressed properties that need to be cleared out of the system.
New laws that mandate face to face meetings between banks and borrowers are also impacting how those properties move through the system. He says banks are now avoiding some of the requirements of the law and the traditional foreclosure process by doing a different process that is more similar to suing someone for a financial loss. He says its's tough to predict how that may affect the local courts system.
Kip Lohr hosts a local call-in real estate show on 1110 KBND on Saturday mornings at 9:30. The studio line for his show is 541-388-1110.