Hopefully, everyone traveling has settled into their destination in time to relax for the Thanksgiving Holiday. Yesterday marked the year's first snowfall in the Sunriver area, and while most of the roads melted off during the day, there are still plenty of slick spots in the shady areas. However, with extra precaution and time, the streets shouldn't be an issue in most areas. Wherever you spend the day, I wish you the best as 2021 winds down.
The real estate market has remained steady, with only 456 single-family homes listed this morning in Deschutes County. Mortgage interest rates may be on the rise but currently, sit at 3.1%. Typically, home buyers rush to purchase when the indicators show rising interest rates. While buyers might not be running to their lenders just yet, I anticipate more of a sense of urgency as we head into Spring. The biggest unknown coming into the last business days of the year will be Spring and Summer inventory 2022. Rising interest rates degrade purchase power and commonly lead to an increased inventory of homes for sale. Although, anyone tracking the real estate market over the last eighteen months knows nothing is "typical" or "normal" about housing these days!
Friday is a business day for contract purposes, leaving only 24 business days until the end of the year. So, unless you are currently under contract on a property, we are officially looking at the 2022 real estate market. Wow, time sure flies!
Happy Thanksgiving!
