Finally, we are seeing the market shift to reflect an equal number of homes that are going pending or sold to the new listings coming on the market. This is critical to the Central Oregon market as it shows that the inventory is being absorbed, and we are seeing homes selling in a shorter period of time. And for closer to list price.
Also, the good news for sellers is that the buyer tax credit is actually inviting multiple offers on homes and creating more of a demand for homes under $200,000 than we have seen for years! Finally, families are getting help to achieve their dream of owning a home. The trickle-up effect is starting to be felt as some of those sellers can buy up and help the higher price-range inventory go away.
People still do not understand the difference between a short sale and a bank-owned property. Please review my January blog entry if you are one of those people. The length of time for short sales to be approved does seem to be shorter, but the unknown of exactly when the home will close, and for what price, makes for a difficult transaction from start to finish.
Thanks for taking the time to review this info, have a great day!
