I do not profess to give you all the answers. I do not know them – I do know that the real estate market in Central Oregon is tough.
August saw a few sales – La Pine had 10 residential sales – 4 of which were bank owned properties.
Three Rivers South – they too had 10 residential sales in August – 2 bank owned and 3 in resorts.
Sunriver August Residential sales were the same magic number 10.
In past markets you could take a look at the homes that sold and explain to your seller why their home did not sell. In today’s market that is impossible.
What Did These Properties Have That You Did Not;
- Pricing – maybe, a few of these homes were bank owned 6 to be exact and yes they sold for a lower price than an owner occupant or investment property might be listed. The bank needs to liquidate their properties so they can list for a price much lower than the average seller. The homes that sold that were not bank owned were not short sales, they were not priced any better than some of the other listings. One of the sales seriously sold for $100,000 less than it was listed for. There were manufactured homes that sold for the same price as frame built homes. There were sales in areas where there were bigger and maybe better properties right down the street that did not even get seen. It makes no sense.
- Location – nope that has nothing to do with it either – homes that sold were scattered in area. Some of them in great locations but not all of them. Location did not seem to have much difference in why an offer was or was not written or why a home was shown or not shown.
From looking at these sales it is my personal opinion that these sellers got lucky and with so much inventory on the market the buyer stopped when they found the home that would work – the price was right for them, the location was right and the home was right. Does that mean yours was not? NO it simply means that there is too much to choose from and not enough buyers choosing.
This is not to say that some homes are not over priced or that the clutter of 40 years is not stopping the buyer. These items do have an impact on home sales in Central Oregon. If you are priced right, and have made your home the cream of the crop – easy to show and have not seen the offer – be patient 30 homes are no longer competing with you.