Yesterday, the US Census Service released
quarterly
residential vacancy and homeownership statistics for the second quarter of 2020. Through June, homeownership rates peaked at 67.9%, up almost 4% from 2019. Consumer confidence in housing is encouraging and expected in the present climate, where interest rates are at historic lows. Considering the obstacles to unfettered growth in the Oregon high desert, it seems unlikely we will be able to build enough homes to offset expected growth over the next several years. As reported in the
Wall Street Journal
, statistics show that homeowners are staying in their homes much longer. In Salt Lake City, the median years a resident has lived in the same house is over 23 years! What does it all mean? Supply and demand economics indicate that housing appreciation will continue, with interest rates below 3% in many cases!
Low housing inventory, combined with low-interest rates, and a growing population, create a competitive real estate market. Many of my recent buyers have made more than one offer before securing their corner of Central Oregon. What is the solution? First, you must work with an agent that is responsive and active in our market. Second, you need a go-to resource for current information without scouring the internet. That resource is EnjoyBendLife.com, now with property searches for every elementary, middle, or high school district in Bend! Let me put my knowledge of our local market, and my real estate expertise to work for you.
