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With Thanksgiving just over a month away, the off-season housing market in Central Oregon has officially arrived. Typically, sales slow, inventory declines more rapidly, and many buyers pull back as holiday travel plans and commitments take center stage. While our elevated inventory relative to the previous few years is helping with selection, mortgage rates over 7% this morning are creating a headwind. However, sellers are motivated, and negotiated prices are helping buyers. Creativity in the form of rate buy-downs and seller credits at closing can help buyers and sellers achieve their goals.
Deschutes County Listings
This week, 1125 homes are listed for sale in Deschutes County, down 20 from the previous week. In a rare turn, there were more closings (67) than pending sales (56), highlighting a buyer retreat.
Crook County Listings
Crook County inventory dropped six to 178 active listings. Six pending sales and four closed transactions are typical of the last several weeks. One of the Crook County sales was in Brasada Ranch, the sought-after golf course community near Powell Butte.
Jefferson County Listings
The number of active listings in Jefferson County increased by two to 119 homes for sale. Five pending sales in the county align with recent activity, with only one closed transaction. The sold property this week closed at $304,900, showing a reduction from the asking price of -4.62%.
Sisters, Oregon Ultimate Guide
Barring any tallying issues, we will know who our next president will be at this time next week. Another job report and a Fed meeting on the 6th and 7th will likely create short-term volatility in the mortgage markets. I expect the Fed to back off the dot-plot predictions of further rate decreases and to hold steady at the next Open Market Committee meeting. You can probably guess that I believe this time of year is an excellent opportunity for buyers. Lingering inventory and higher mortgage rates should keep home prices in check for buyers in the foreseeable future.
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