Here are the top three trends influencing home buyers today in Bend, Oregon.
We still believe home ownership makes sense and perhaps explaining the trends driving current demand will help explain why. With homes staying on the market for an average of four days, we’re seeing three trends driving today’s all-time-high home demand.
1. Millenials and Gen Y. The number of buyers in the Millennial/Gen Y demographic is currently the largest collection of buyers and is expected to continue growing as they approach their peak earning years.
2. Rent prices are on the rise. Owning a home can be more affordable than renting. As rents continue to skyrocket, people are looking to lock in their monthly payments with a home purchase.
3. Lack of homes. We have never had fewer homes available in Oregon or the Nation. The median days on market in Bend right now shows how under-supplied we are as construction, development, and banking never got back into the housing market following the great recession from 2007-2009.
Whether you’re just getting started on your home-buying journey or you’re fully committed to buying your first home this year, connect with a trusted real estate advisor to develop a strategy that will help you achieve your real estate goals.