The active/contingent list under $200,000 in Bend continues to grow - in the search parameters there are 79 homes below the mark as of December 11, 2008 @ 11:27 AM.
The following is a summary from Central Oregon MLS :
Search Parameters: 3 bedroom, 2 bath in zip codes 97701 and 97702.
Total 304 Homes in Active or Contingent Status ~
Price Range $129,000 - $775,000
Average List Price $279,954 -
Average Square Feet 1617 -
Average Price per sq ft $172 -
Average Days on Market 151.
Statistical chart for Bend Oregon residential sales includes median home price, days on market and other pertinent information. Statistics retrieved from Central Oregon MLS. Click on chart to view full size ~ use back arrow to return to blog!
Central Oregon is feeling a chill in the air. Due in part to the coming winter and in part to the suppressed economy. Whether waiting for election results or a break in the job market there is hesitation across the board economically.
The active/contingent list under $200,000 in Bend has grown substantially - in the search parameters there are 68 homes below the mark as of October 28, 2008 @ 10:25 AM.
The following is a summary from Central Oregon MLS :
Search Parameters: 3 bedroom, 2 bath in zip codes 97701 and 97702.
Total 329 Homes in Active or Contingent Status ~
Price Range $145,669 - $895,000
Average List Price $293,247 -
Average Square Feet 1614 -
Average Price per sq ft $180 -
Average Days on Market 145.
For the statisticians out there the median home price for the current price range is $259,000
Buyers selection is phenomenal and prices are becoming more favorable. Bank owned (REO) properties are increasing and some are priced quite well.
We have all seen Seinfeld. In the episode The Soup Nazi "NO SOUP FOR YOU" is the feared response as the characters attempt satiation.
Currently in our real estate office, the phone lines hop with calls soliciting loans for our current and prospective clients. From personal experience, the percentage of homebuyers using credit has diminished greatly in the past year. Of course, the solicitors are persistent and insistent...every product solves the solution for buyers in this tough market. Whether the products are real or not is a mute point as fear of fraud runs rampant on both sides.
Stories of credit woes abound as people attempt to purchase or refinance a home in the ever-tightening world of credit. Couples with high credit scores and a down payment can find themselves denied at the wire, literally days to signing, and unexpectedly “NO HOUSE FOR YOU”! The buyers ease away from the figurative table with a sense of despair wondering what caused the sudden shift in lendability. Expecting an explanation much beyond ‘it came from above’ is pie in the sky. The powers that be make the rules and change them at will. As in the Seinfeld episode buyers Tiptoe to the table, sign quietly, and DO NOT ASK FOR BREAD...still something may tip the scales and result in a sudden jerking away of the unfulfilled dream.
Alas, purchasing is still possible and properties are closing even with the tougher lending standards. The numbers shift seasonally and with economic news. The screaming deals are surfacing here in Bend Oregon. We have several homes under $170,000. Some are fixers but many are newer starter homes just waiting for occupants.
I am compiling a chart depicting Deschutes County loan recordings by month in 2008 in relation to MLS listings closed; will post upon completion…double checking my sources :))
The news of impending bailouts has grasped the attention of America! The bailouts favor failing corporations that would otherwise collapse. Our free enterprise system of economics is setup to promote individual ability free from governmental interference. Below you will find a list of principles from The American System of Business:
Our business system is based upon four basic principles:
(1) freedom of choice;
(2) private property rights;
(3) profit motive of owners; and
(4) owner control.
Where does a bailout fit in the basic principles? Not seeing that one covered...are you?
I received the following in from a locally generated email. Applying the principle below to the proposed 700(+) Billion dollar bailout would inject an amazing amount of money at the end user level. Years ago as a supervisor at UPS I received training instructing us as leaders and managers to "get out of the box". Economically we are not just in a box but a deep and wide hole. From experience you do not get out of a hole by continuing to dig.
I do not have a solution but people are thinking creatively. Motivation is the sluggish economy of course but nonetheless the thoughts are being generated. Saving specific sectors of our economy is applying a bandaid when major surgery is required.
Hi Pals,
I am against the $85,000,000,000.00 bailout of AIG.
Instead, I am in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend'.
To make the math simple, let us assume there are 200,000,000 bon-a-fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. Therefore, 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billion that equals $425,000.00 (actually only $425 - Jen checked their math).
My plan is to give $425,000 (actually only $425) to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax-free. So let us assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 ($12.60) in taxes. That sends $25,500,000,000 (2,520,000,000) right back to Uncle Sam.
However, it means that every adult 18+ has $297,500.00 ($413.00) in their pocket. A husband and wife have $595,000.00 ($826.00).
What would you do with $297,500.00 ($413.00) to $595,000.00 ($826.00) in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it will be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. In addition, of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we are going to do an $85 billion bailout, let us bail out every adult U S Citizen 18+!
As for AIG - liquidate it. Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here is my rationale. We deserve it and AIG does not.
Sure, it is a crazy idea that can "never work".
However, can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in Washington DC.
In addition, remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam. Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
Birk
T. J.
Birkenmeier, A Creative Guy & Citizen of the Republic
Note: Thanks to Jen for verifying the math ~ The corrected number is $425.
Is this all pie in the sky? Or can an entire industry be rescued and the housing sector revived with a stroke of the pen? Talk of stirring investors prepared to purchase large blocks of property already sparks a glimmer of hope. With the massive bailout (yes I believe $700 billion to be massive) 
will our world suddenly snap back into place? Previous bailouts have ended with various results. This one could make the government a buck or two (billion). How accountable is our system? Where will the profits go?
Can we solve a crisis with this type of reaction? Injecting the housing industry with $700 billion worth of government owned real estate may be one answer...but should we look for others?
In a Nut Shell the Bailout if enacted will...
Click Picture To Enlarge....