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Bend Real Estate Statistics October 2009

11-05-09
Cheri Smith
Cheri Smith: Real Estate Agent in Bend, OR
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During the month of October there were 1275 homes for sale, 239 contingent sales, 352 homes pending, and 210 sales. The inventory is down and the sales are up compared to the last few months. In fact, the last time we saw this many sales in one month was towards the end of August 2006 when the market started to cool. Roughly 250 properties were taken off the market last month. Some were terminated or withdrawn and others expired. Some of these properties might be relisted but this tends to be the time of year that many homeowners that weren't able to sell during the summer give up. This is why it's important to keep your home on the market if you're serious about selling. There's much less competition and buyers that are willing to look in the dead of winter are serious about buying.

Once again, most of the sales were in the $200,000 - $250,000 price range, although I have noticed an increase in activity in homes priced over $500,000. Twice as many homes over $500,000 sold in October compared to September. 12 homes sold over $1,000,000 compared to 3 in September. 5 of those sales were in Pronghorn, several of which were part of a bulk deal. The other sales included:

$1,050,000 5 beds/3.5 baths, 3709 sq. ft. home at 456 NW Kansas St. downtown.

$1,200,000 4 beds/5 baths, 6772 sq. ft. home at 3450 Greenleaf Way in North Rim on Awbrey Butte

$1,250,000 4 beds/4.5 baths, 5580sf home at 1518 NW 1st St. on the Deschutes River

$1,769,000 4 beds/4.5 baths, 6035sf home on a 1.27 acre lot in Sunset View Estates.

$1,800,000 5 beds/4 baths, 5500sf home at 437 Drake Rd.

$2,800,000 5 beds/7 baths, 10,881sf home at 61886 Bunker Hill Ct. in Broken Top.

Below is a quick comparison of the previous 6 months. Here's a link to the full stats: October 2009

Active Contingent Pending Sold
October 1275 239 352 210
September 1543 264 328 173
August 1546 236 211 153
July 1751 238 275 184
June 1789 236 297 158
May 1829 205 242 138

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$6,500 "Move-Up" Credit Explained by the Senator Who Invented It

11-05-09
Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional
Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional: Loan Officer in Bend, OR
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Obama to sign legislation tomorrow - will extend to June 30, 2010 - First Time Home Buyers still $8,000 and Some Existing Home Buyers Qualify for NEW $6,500 “Move-Up” credit ...

November 5, 2009

Congress acted with urgency today to get the Unemployment and Housing Credit bill out before the Unemployment numbers are reported tomorrow. As part of this, the House accepted the Senate amendments to the bill Extending and Expanding the Home Buyer Tax Credit. As reported in the New York Times, minutes ago, the existing credit will both be extended through the first part of 2010 and expanded to higher income buyers. A new $6,500 credit will be there for some long-time existing homeowners, moving to a new home.

Some cheer, others not so. Is this the right thing to do? As real estate professionals we look forward to the increased activity, but what are the unintended consequences of congressional meddling with the market economy (see Clunkers and see Barney Frank demanding expanded qualification guidelines at FNMA.) How will it be paid for? The projection is that this extension will double to $21 billion the cost of the program.


Here are the important points:

$8,000 First Time Home Buyers credit continues

New $6,500 for existing “Move-Up” homebuyers

- Same home for 5 yrs of past 8-yr period

Contracts (EMA) signed by 4/30/10

Closings before 7/1/10

Home purchase price of $800,000 or less

Income limits expanded

- Old: $75,000 single, $150,000 Married

- New: $125,000 single, $225,000 Married

Tax Return filing will require HUD-1 be Attached

If you are a glutton for punishment, here is the text of the legislation.

As we have told you in the past, the true champion of the Housing Credit Extension is Senator Johnny Isakson (R-GA) a Realtor of 33 years. Here is what he had to say to explain the need for this extension AND expansion now:

“In addition to the $8,000 credit extension for first-time home buyers, a move-up buyer tax credit of $6,500. This is the cornerstone of the substitute before us now. It offers to any previous homeowner who has lived in their home for at least the last 5 years the opportunity to sell that home, invest in a new home, and take up to a $6,500 tax credit. That is going to help us boost what is the problem in the U.S. housing economy today, and that is what is called the move-up market. It is the gentleman who is transferred from Delaware with Hercules to Brunswick, GA, who cannot sell his house in Wilmington and cannot buy a house in Brunswick because the markets are so frozen and the move-up market is dead. Now he has an opportunity to sell that house and have an incentive for its purchase in Delaware and an incentive to come and reinvest that money in Georgia in a house in Brunswick. It will make a measurable difference over the next 7 months in our economy.

“We also raised the means test on income from $75,000 to $150,000, which is in the current credit, to $150,000 and $225,000 in the new bill for both move-up buyers as well as first-time home buyers. Those income thresholds will open the incentive to more Americans and I think will show a measurable increase in the amount of business that takes place.

“In response to the Internal Revenue Service concerns we expressed a few months ago on fraud, we put in every single request they made for fraud to see to it the HUD-1 is attached to tax statements, to see to it there is no fraudulent claim of the money, and to see to it the IRS has every tool they can to prosecute to the fullest anybody who would abuse this credit.”
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Central Oregon First Time Home Buyer and Repeat Home Buyer Tax Credit Update - Obama to Sign Extension on Friday

11-05-09
Kryste Adams - Central Oregon Real Estate
Kryste Adams - Central Oregon Real Estate: Real Estate Agent in Bend, OR
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Central Oregon First Time Home Buyer and Repeat Home Buyer Tax Credit Update - Obama to Sign Extension on Friday.

After an overwhelming vote in the Sentate on Wednesday and another overwhelming vote in the house today (Thursday) the Bill to extend the First Time Home Buyer and Repeat Home Buyer Tax Credit has one remaining step. Only one signature remains, President Obama will sign into law Friday morning according to CNBC.

Stay tunned for a full update including the tax credit amounts, dates and limitations.

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Tax Credit Extension Proposed Language is Available Here

11-03-09
Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional
Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional: Loan Officer in Bend, OR
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  • Office: (541) 318-0888
  • Mobile: (541) 749-0006

If you are interested in reading the actual legislative language of the Home Buying Tax Credit Extension bill, it is available by going to this link: http://bit.ly/3UustY This is an amendment (S.AMDT.2724 to H.R.3548) to the Unemployment Extension Bill as offered by Senator Schumer.

As described previously the terms of the expansion to long-time homeowners includes a requirement that they have lived in the same principal residence at least 5 of the last 8 years. The credit will be $6,500 for those individuals.

Limitations are set at income of $150,000 single and $225,000 married (previously reported at $250k)

Maximum home purchase price is set at $800,000 to qualify for the credit. This will be of more interest in California and High priced regions.

Happy reading and remember it is still in amendments to a bill that hasn't passed yet. More legislative "sausage" to be made before we have something to send to the White House for signature.

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Good News for Bend Oregon Home Buyers: First Time Home Buyer and Repeat Buyer Tax Credit Close to Final Senate Vote

11-03-09
Kryste Adams - Central Oregon Real Estate
Kryste Adams - Central Oregon Real Estate: Real Estate Agent in Bend, OR
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  • Office: (541) 647-8322
  • Mobile: (541) 706-1556

Good News for Bend Oregon Home Buyers: First Time Home Buyer and Repeat Buyer Tax Credit Close to Final Senate Vote

Innman News recently announced with in the article, "House leader: Tax credit a go," the following:

The Senate on Monday voted 85-2 to place limits on further debate of HR 3548, a bill extending unemployment benefits that includes an amendment that would allow homebuyers to claim the credit on sales under contract before May 1. The vote to invoke cloture moves HR 3548 closer to a final vote in the Senate as early as today.

Stay tunned for continuing updates as news is released regarding the first time home buyer tax credit and repeat home buyer tax credit.

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