Bend Oregon real estate is selling, and it’s for the wrong reasons
The Bend real estate market is going through a massive transition as it seeks to balance the rising costs of rent and property taxes with the growing demand for home ownership.
In a move that could lead to some very tough decisions, Bend’s property owners have been asked to sell their homes to the highest bidder.
But there’s a catch.
Bend real estate agents have been told by the city to sell the properties at a market value of less than $100,000, according to a city filing obtained by The Next Home.
That’s far below the $150,000 range that the city set as the market cap for a home in Bend.
The filing notes that the median house price in Bend was $179,800 in May, according a report by RealtyTrac.
The median house purchase price in 2017 was $229,800, the report said.
The median house value in Bend is now $1.4 million.
But the median sales price in the city in 2017 is $1,939,000.
Bends city attorney, Dan Rieger, has denied that the sale of Bend’s homes is a sign that the market is in a bubble.
He said the real estate agency is doing what it can to keep the prices affordable.
“We want to be very careful that we don’t create an unsustainable market,” Riegers said.
He added that the Bend market is still one of the best in the nation for homes.
Bending’s median house sale price was $739,600 in 2017.
The average home sale price in downtown Bend in 2017 had a $2,200 reserve, according the realtors’ report.
The average home purchase price for a Bend home in 2017 totaled $3,400,000 and a median price of $1 million.
For a real estate agent, the selling process has been stressful and confusing, said David Riggs, a realtor with RealtyRights.
Riggs said he’s seen some real estate buyers ask for a price drop of more than 80 percent.
The real estate buyer will then move on to the next agent to sell.
For many sellers, the process of asking for a higher price is not a viable option.
The market is getting more expensive, he said.
It’s just a question of when, not if.