WHERE ARE SELLERS HEADED?
Homeowners choose to sell for many reasons, whether related to physical space, phase of life, setting, aesthetics, or sometimes, abrupt situational changes. For sellers aiming to maximize the return on their largest investment this spring specifically, here are a few key things our team expects for the Central Oregon market.
OUTBOUND MIGRATION
A subtle evolution has begun in Central Oregon, wherein longtime residents who may have raised children, built businesses, or established deep roots are shifting their focus toward warmer climates. Still, others may be moving out of the area as they are not comfortable with the growth and progression of Bend. Both are contributing toward an outbound migration for sellers who own homes in the Central Oregon market, especially among those who have owned for ten years or longer. Metrics derived from tax records show the greatest movement toward outlying areas in Oregon, as well as Arizona, Washington, and Idaho. Potential changes to the capital gains laws may also accelerate plans to move, as sellers with substantial equity look to get ahead of proposed legislation that could tax long-term capital gains more aggressively.
NAVIGATING THE MARKET
After two years of upheaval, the pace and tone of this spring market indicate solid activity at the newly established “baseline” for pricing – which is of course 30%+ higher than pre-pandemic. However, sellers are not likely to expect the many multiple offers and exorbitant over-asking pricing in the first hours of launch as they have during the peak selling seasons of late (caveat: unless the home is notably underpriced!). Instead, reaching peak performance for a home this season will take skill, precision, and a comprehensive launch strategy. Sellers can expect healthy average days on the market from 5 to 25, except luxury price points or acreage properties, and a general list to the sale price of 95% or higher with the right selling strategy.
