Bend Oregon Real Estate Buying Seasons
Hello again and welcome to the Bend Real Estate Minute! I am Thom Gardner, principal broker at BendHomeBuyersAgency.com which is part of Bend Brokers Realty.
I want to talk to you a little bit today about the Bend Oregon real estate buying seasons. Now, we have several and they’re not always the same every year. It depends on what’s going on in the economy. As you know, we’re a very big vacation home and second-home market. Although these days, we’re a much larger primary real estate market than we used to be when I first started in the business. And that’s because we’re known worldwide.
We’re in various newspapers and magazines all the time now, and that didn’t use to be the case. We used to be a West Coast sort of known quantity.
So, let’s start with January, February, March, the winter season. So, generally, in January, we get a burst of business right after New Year’s. I call them the New Year’s resolution folks. They’ve always wanted to live in Bend. They’ve traveled here and they’re finally like, “This is the year! We’re going to do it! We’re going to call a Bend realtor and buy some Bend real estate!”
So, the first couple weeks in January are often busy and that leads to some closings in February. February, otherwise, is relatively slow. There’s not much on the market that time of year, so it makes it difficult for the Bend Oregon real estate buyer to find what they want.
Now, new Bend Oregon real estate listings start coming on the spring. The past few years, as the economy has been better, March, April and May have been huge. They’ve actually been the biggest months of the year in terms of real estate price increases.
So, you’re going to have static prices in January, February left over from the fall and then they’re going to explode in March, April and May, sometimes five percent a month during that period. We get the vast majority of our real estate price increases during that spring period. And that is also when more Bend homes come to market. So, you have more home inventory, but you are going to pay a higher price to get one.
Now, we get into summer. That’s when the inventory peaks, around June. And up through June, it’s very busy. In July we get what I call the tire kickers. Those are tourists who come to Bend and want to be shown around, but they haven’t really dug into whether they can afford a Bend home. They haven’t checked Bend mortgage lenders. And so, they’re tire kickers. They’re not often as serious as folks in other Bend Oregon real estate seasons.
August tends to start another busy period. August, September, October, that’s what I call the serious season. These are folks, sometimes senior citizens, who have been traveling during the summer and they want to get a Bend home and move here before winter. And those folks I love because they’re decisive. They come to town, they know what they want.
There’s still a lot of good stuff on the market in August and that starts to dwindle after September. You get into October, there’s often less on the market. November and December are the period that’s slowest here. That’s also the period when you can get the best deal.
You’re not going to get a deal on Bend Oregon real estate in spring. You are going to pay almost 100 percent for your home. It’s the same thing in the summer. You get into September, it gets a little bit better. Beginning of October, it gets better still. However, you’re now looking at homes that are left over on the market that nobody wanted, that maybe was priced too high or is an ugly duckling.
You can get a tremendous deal starting in October, November, December, the very best deals we have all year, but you also have slimmer inventory.
So, you have to decide what’s right for you! Am I looking for this specific Bend home and don’t mind paying a higher price for it, or do I just want a deal on something that might appreciate quickly?
If you just want a deal and you can settle for something that may not be exactly perfect, come in November, December and also in January and February. It starts to get a little better towards the tail end of that period. That’s when you’re going to get the best price for a Bend home. The rest of the year, March through September, you’re going to be paying full price for Bend real estate, but you’re going to have the best selection. You can confirm what I say here on my Bend Oregon Real Estate Statistics page.
So, that’s a little bit of insight into the Bend Oregon real estate buying seasons. Again, I’m Thom Gardner, principal broker and pure buyer’s real estate broker with BendHomeBuyersAgency.com, part of Bend Brokers Realty. Thanks again and take care!