Central Oregon Real Estate Values
In the news lately we heard how the average home price has come down double digit percentages, but in Central Oregon real estate it doesn’t seem to be the case. Many parts of the country is going through a correction in the price of real estate. Just look what’s happening in California. The average price has come down over 26% in just the last year and their sales are down 28% year over year.
In central Oregon the price have come down, but nowhere near of most areas of the country. The hardest hit area was in Bend Oregon, where the average price dropped 16%. In Prineville, the loss was only 1.4%. Take into consideration that with the correction in Bend, the average price is still 5% higher than it was in 2006 and nearly 50% from where it was in 2003. If you invested in a median priced home in bend Oregon with the price of 195,000 in 2003 and rented it out for that time you would have collected $58,000 in rent (clearly enough to cover the monthly mortgage payment with 20% down. On top of that, the value of your property would have increased almost 97,000. I’m not going to go through all the math here in this post, but you get the picture.
Central Oregon has become an ideal area to live for a lot of Californians who are wanting to re-locate away from the “too big of a city” life. Places like Florida are falling out of flavor with the baby boomers and Oregon is the place that offers a lot to do for the active retiree in an area that pretty much has a better climate all year long. Bend is in the heart of central Oregon, it’s only 3-1/2 hours east of Portland and the coast. It’s also only 16 miles outside of Redmond International Airport. Business’ are moving to Oregon too and with communities that are being built on a regular basis (even during this correction), right now just might be the time to think of investing in central Oregon real estate.
Tags: Central Oregon, Central Oregon Real Estate, moving to oregon, oregon real estate