Fall Real Estate Update
Following a dovish report from the Fed last Wednesday, mortgage interest rates dropped slightly this week to 3.09% for a 30-year fixed-rate mortgage. While inventory steadily declines on our path towards winter, eighty-six homes sold last week, consistent with sales volume from the past several years. Last week there were 181 new single-family home listings in Deschutes County, and while the pace of new listings may be slowing, there are still excellent properties coming to market daily. 

The Fed's stance on inflation is interesting, and the most recent meeting notes indicate a target of inflation over 2% for "some time" before raising interest rates. Chairman Powell's report also mentioned their stance that inflationary pressures are transitory. Forgive me if I laughed out loud at the synopsis. One thing is clear; if inflation remains high coming into spring, the Fed will have few options other than raising rates to combat the problem. Depending on your situation, today's interest rates may be motivation to buy now rather than waiting for what comes next.
If the market has you concerned about what comes next, the single best resource on my website for researching is the Market Trends page. Market Trends track every pertinent statistic for our active inventory you could ever ask. For example, the Market Reports on EnjoyBendLife show the active, pending, and sold properties for a neighborhood, zip code, etc. Would you please let me know if you need help interpreting these reports or any of our market machinations? I read these reports daily and would be happy to share my insight regarding the key metrics. 
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Stellar Realty NW
Reed Melton
(541) 408-6625
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