Tebbs & Little Group
Real Estate Brokers, Licensed in the State of Oregon
Five Predictions for the Real Estate Market for the Remainder of 2018
Home ownership, once a staple of the “American Dream” has hit a resurgence the past several years. Favorable market conditions, such as low interest rates, increased housing starts and a generally strong economy have spurred robust interest in the real estate market. As we continue into 2018, forecasters point to several factors which may negatively impact decision-making. Most recently, fluctuations in the stock market, signs of higher interest rates, along with a change to the allowable mortgage interest deduction, could all play a significant role.
The market throughout the Pacific Northwest, specifically the Portland, Oregon region, has been extremely active in the last few years. Unfortunately, that growth is expected to slow in 2018, down 3-5%. Much will be dependent on affordability of a neighborhood and some are showing lower appreciation growth than in previous years. Factors predicted to affect Portland home buyers and sellers are low inventory, slow economic growth and rising mortgage rates. In other areas, such as the resort town of Bend, located in Central Oregon, brokerage firms such as Cascade Sotheby’s International Realty, have experienced record growth. In fact, as part of their expansion strategy, the firm has concentrated efforts throughout Portland, the Oregon Coast and SW Washington.
Take a look at several possible scenarios that could have consequence on the market.
1) Affordability pressure plagues slower market growth. Available inventory of homes, actually considered affordable on a median income, has been in steady decline. Experts predict that inventory will recover slightly, up 1.7% year over year, after falling about 3.4% in 2016. Predictions also suggest that median home sale prices will increase 5.3% year over year while existing home sales are forecast to increase 2.8% in 2018.
2) The average number of days a home spends on the market will be the lowest on record. In 2016, the average home spent only 52 days on the market, the shortest since 2009. Due to low home inventory over the last several years, in particular, with entry level homes in certain markets, homes have had offers within only 6 days of being listed. In addition, transactions have become less time consuming and drastically more efficient due to new technologies, resulting in making the home buying process easier.
3) Anticipate a minimal increase in mortgage rates. Industry experts predict that 30-year-fixed mortgage rates will rise to 4.3% next year. The 30-year-fixed mortgage rate has already increased from 3.5% at the end of 2017 to just above 4%. Wall Street’s optimism is said to be in response to the economic proposals from the White House and the Federal Reserve’s interest rate hike earlier this year.
4) Everyone can get a home loan – for now. A positive credit score will go a long way in this market. Some financial institutions have introduced mortgage down payments of as little as 1-3% of the home’s purchase price. However, an immaculate credit history is often necessary to be eligible. Last year, government-sponsored Fannie Mae and Freddie Mac awarded considerable larger mortgages for the first time since the 2006 financial crisis. In fact, loan limits saw an increase from $417,000 to $424,1000 in many regions.
5) There’s still an ongoing housing shortage in many regions. It’s no secret that in 2018 there is a serious shortage of affordable housing across the entire country. It’s a combination of construction slow-downs, mortgage rate increases, and so much more. Little is predicted to change in the near future. Population growth has dramatically outpaced new construction and the industry is having difficulty in keeping up with demand. Ironic, considering new home building remains has encountered a slowdown.
What does this all equate to when influencing our decision-making regarding the market? Mortgage rates should remain for the immediate future and continue to promote confidence in the home buying sector. The advice of most industry professionals, though, is to act now, to capitalize on advantageous conditions before inevitable changes in the market climate begins to take effect.
Are You Passionate? Are You Committed? Let Us Tell You a Compelling Story.
Cascade Sotheby’s International Realty has a deep understanding that real estate success is all about bringing the brand to life and building personal relationships with clientele.
With that mission in mind, Deb and Betsey have inked a deal with Evoker, Inc., a Chicago-based micro-branding company, to create short films that tell the passion, commitment and stories of Cascade Sotheby’s brokers and why they are agents at Cascade Sotheby’s.
Commitment to what we do. A passion for serving people. A love of the place they call home. We hope that our stories are compelling and engaging—and offer a truly personal look in to the passion and lives of our everyday work.
Happenings: March Events in Bend!
Clear and chilly nights won’t keep us inside. From recreation to sophistication, discover what’s happening in the heart of Bend!
FIRST FRIDAY ART WALK – March 2 2018
Come join us as we celebrate First Friday Art Walk with a wide assortment of local artists. Local beverages, food, and music are always on the agenda! Stop by our Cascade Sotheby’s International Realty downtown office for food and spirits too!
LOCAL POUR CRAFT BEVERAGE TOURS – March 8 2018
Want an alcoholic beverage, but can’t decide what to drink? Bend is known for its craft breweries, but it is also home to artisan distilleries, cideries, wineries, and kombucha breweries.
VISIT BEND DOWNTOWN WALKING TOUR – March 10 2018
Join a Bend expert from Visit Bend for a free one-hour guided tour of the historic downtown core. Learn a bit of the past as well as the ins-and-outs and hotspots of present-day Bend and Central Oregon.
16TH ANNUAL CRAB FEED LA PINE – March 10 2018
La Pine Frontier Days invites you to their All-You-Can-Eat Crab Feed on March 10th. Tickets must be purchased before March 5. No tickets will be sold at the door. In addition to fantastic FRESH crab, Caesar Salad, French Bread, Beer and Wine will be available. Bring your own crab cracker or buy one there. To purchase tickets, call the La Pine Frontier Days office at 541-536-7821 or stop by the Chamber of Commerce or Ace Hardware in La Pine.
SNOWSHOE TOURS – March 17 2018
Tours Depart from the Wanderlust Tours Office, Fred Meyer Shopping Complex, Bend, Oregon,
Snowshoe on Mt. Bachelor through the winter forest!
4TH FRIDAY ART STROLL IN SISTERS – March 23 2018
Visit some 20 art galleries in Sisters for the 4th Friday Art Stroll. Have a great time, enjoy beautiful art, good company, refreshments, music, demonstrations, hors d’oeuvres, plus additional sponsoring restaurants and food venues.
Find more things to do at VisitBend.com.
SOLD WHILE OFF THE MARKET FOR THE WINTER: $2,650,000
This incredible home in the Crosswater Neighborhood has sold! It has breathtaking river and mountain views and a back deck overlooking. The home came fully furnished with an office, den, master suite with fireplace, soaking tub and sauna, and a bonus room with a loft.
Tebbs and Little – High-End Property Sales in 2017, Buildable Land Available for Purchase
Each year Cascade Sotheby’s International Realty grows as a business. We are bringing on more experienced brokers. We dominate the market in high-end sales and across the company many high-end properties were bought and sold. We have much to celebrate. Here are 4 examples of homes Tebbs and Little group represented this year:
Belmore Loop – Sales price $2,775,000
This exquisite estate home in the Highlands at Brokentop is an architectural marvel, with over 10,000 square feet of custom craftsmanship on 11 acres, nestled next to the Deschutes National Forest in Bend, Oregon.
Destiny Court – Sales price $2,750,000
This beautiful estate has unobstructed views of the Cascade Mountains and sits on the high banks of the Deschutes river in Bend, Oregon.
Horizon Drive – Sales price $1,650,000
Located in Awbrey Butte in Bend, Oregon, this gorgeous home has stunning panoramic views of the Cascade Mountain Range and is surrounded by old growth forests.
Pine Drive – Sales price $4,500,000
This property has direct access to Riverfront Park and the Deschutes River Trail in Bend, Oregon.
Our unique marketing plans, combined with over 30 years of experience in the Central Oregon market creates an uncompromised force representing high end properties. Our marketing program is unrivaled, we offer the most prestigious property representation:
- Savvy digital marketing plans
- Properties videos
- Quality property websites
- Print ads to targeted markets
- Pay-per-click advertising
- Gloss print marketing materials
- Global brand representation
Cascade Sotheby’s International Realty has over 250 agents representing Oregon and SW Washington. No matter your preference, there is an agent at Cascade Sotheby’s International Realty that will work for you to buy or sell a home. Whether you are looking for a lifestyle property, such as a vineyard, ranch, golf course location, beach living, or for an agent with a specific area of expertise, we have a realtor for you. Contact us and we will connect you with the broker who fits your needs.
Live A Vacation Lifestyle – Live at Pronghorn
When was the last time you took a vacation? It’s not always easy to break away from work for a few precious, scattered days each year for vacation, only to return feeling like you need a vacation from your vacation!
At Pronghorn, every day is a vacation day. At the end of each day you go home to your dream home.
Owning a Pronghorn home or being an owner of the Residences is living your life on perpetual vacation. Relax each night. Rest while deer meander the golf course and rub their horns on hundred-year-old Juniper trees. Let the views of Mt. Bachelor and the Three Sisters carry your stress away. Reconnect with your community: golf on the best courses in Oregon, meet friends at the lodge, or rinse away tension at the spa.
Live in the community that meets your every need, no matter your age or income. Homes and homesites are available for anyone who wants to live the Pronghorn dream.
Live the life you want to live right now. Whether you’re looking to purchase your first home or a second home, Pronghorn offers grand Estates, intimate Villas and timeshares. With a variety of prices, sizes and mountain views, Pronghorn has something for everyone.
Local Pronghorn resident of over ten years and CEO of Cascade Sotheby’s International Realty, Deb Tebbs and her associate Betsey Little, will help you find the home of your dreams. As your future neighbor and friend, Deb will happily share with you the personality of Pronghorn and welcome you to the warm community.
Enjoy the benefits and amenities of Pronghorn living, which include:
- Dedicated concierge
- Social events and activities
- 55,000 square foot Clubhouse
- Private men’s & women’s locker rooms
- Various golf membership opportunities
- Multiple dining venues
- Pools, waterslide & hot tubs
- Spa & fitness center
- Tennis, pickle ball & basketball courts
- Business center
- Access to the Exclusive Ghost Tree Lounge
Pleasure awaits your family at Pronghorn. Contact Deb Tebbs or Betsey Little with questions. Their personal connection with Pronghorn gives you distinctive access to the joys of living in this beautiful locality.
Stroll through Pronghorn after work and enjoy the Huntington Lodge, artisan restaurants, fresh pools, and destination golf courses. Everything you need is just steps from your front door, without the crowds or noise. Explore this desirable community that you call your own, or simply be home and relax. Invite your family and friends. Live and relax at Pronghorn.
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