- It's a HAWT DEAL! Sorta.
s might be expected, there are an abundance of articles circulating in real estate publications about why autumn can be a great time to buy a home.
Aside from the usual points about there being less competition as people settle for winter and the holidays and worn out home sellers wanting to unload their properties, the typical seasonal price drop is the best reason. The potential bargain savings are nothing to sneeze at if we examine last year's price drops for autumn and winter in Bend.
An examination of home price trends for Bend single family homes on 1 acre or less for 2016 yielded some interesting price trends. According to the Beacon Report, the median price for August 2016 sales was $385,000. By September 2016, the price dropped to $370,000, increased to $374,000 for October, went down to $355,000 in November, and $371,000 in December, then $354,000 in January 2017 before jumping back up to $396,000 for February 2017 and ending at $418,000 for August 2017. As you can see, these price drops of as much as $30,000 are substantial, particularly for first time homebuyers with a tight budget.
October is reportedly the best time to snag a good deal on a home. In a September 2016 article, RealtyTrac analyzed more than 32 million home sales over a 15-year period, showing that October home purchase prices averaged 2.6 percent below estimated market value. The article suggests buyers aim for Oct. 8, when buyers reportedly get homes at an average of 10.8 percent below estimated market value. The above figures for Bend reflect this as well, since the November report tabulates closed sales, which most likely reflect October sales closing in November with a median price of $355,00, down from $385,000 for August. It will be interesting to follow the statistics and see if this same trend continues this season.
For what it's worth, I am noticing a large number of price reductions on the MLS. At the time of writing this article, for the past 30 days, there have been 212 price reductions on Bend homes on lots of 1 acre or less.