It is a very interesting time in the real estate market. Over the past few years we have seen historically low interest rates resulting in a buying frenzy.

Now with the increase in rates, we are beginning to see the market cool off a bit. The rising rates were intended to balance out the market and that is exactly what is happening - we are beginning to see a more balanced market.  

While the market is showing signs of a cooling period, inventory remains low and demand is still high.

We are hearing a lot of talk about how homebuyers will be affected by the increase in interest rates but in reality, the increase in interest rates affects both buyers and sellers. When rates go up, buyers lose buying power. The increase in interest rates means that a mortgage is now more expensive making monthly mortgage payments higher. This can actually   price some homebuyers out of the market.  

For example, at a 3% interest rate, the monthly payment on a $500,000 home with 20% down, would be $1,686. At a 6% interest rate, the monthly payment for that same home would be $2398. So as you can see, it makes quite a difference.  

The good news for home buyer's is that the urgency is gone. You will not only have more to choose from, you will have more time.

From a home seller’s perspective, this means that your pool of potential buyers shrinks. As rates rise, fewer buyers can afford to buy. We are not seeing as many offers now and home prices aren't being bid up as they have been in the past. Although the market is not as hot as it was before the rate increase, remember, we are still in a seller's market and demand is still high - just not as high.
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Initial rate hikes always seem to create a panic. It is important for home buyers and sellers to realize that while interest rates have risen, from a historical viewpoint, the current interest rates are pretty normal/average and, the housing market is still healthy.

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There’s a lot to get done after moving into a new home. You need to clean, unpack boxes, fill up your fridge, and tackle a never-ending list of address changes. Whether you’re moving across town or from out of state, it’s always a little challenging to get settled in a new area. Thankfully, we’re here to help! Below, you’ll find a list of tips and resources from Daren Cullen to help you get your life back in order and settle into your new home.
 
Setting Up Your Home
New houses can feel strange and unfamiliar at first. These steps will help your new place feel like home more quickly.

• Change the locks for added safety and security.
• Give your new home a deep clean so it feels fresh and comfortable.
• Mockup your rooms on graph paper to determine furniture layouts before lugging large pieces around.

• Learn how to unpack your home efficiently, starting with necessities and priority rooms.

 
Accessing Local Services
Start looking for new local services, like a doctor and a veterinarian, to support your family’s health and wellness.

• Booking an online doctor appointment is often easier than trying to get an appointment with a new doctor after moving.
• If you have a pet, look for a new veterinarian that meets your care expectations.

 
Moving from Out-of-State
When you move to a new state, you must update your license and vehicle registration.

• Visit a local DMV to update your driver’s license as soon as possible after moving to a new state.
• Learn what it takes to transfer your car insurance and registration.

 
Explore Your New Home
As you work your way through your post-move checklist, get out and explore your new home. Say hello to your neighbors and see what your city has to offer.

• Learn about your new city!
• Introduce yourself to your new neighbors and join community events.

 
Moving is always a lot of work, but it’s also exciting! Try to focus on the fun of exploring a new city and meeting new people rather than getting caught up in the long list of things you still need to do. Work your way through that checklist one step at a time.
 
Are you still looking for your new home? Get in touch with a local real estate agent like Daren Cullen for help finding the perfect new home in Bend, Oregon! Send an email to darencullen@bendcable.com

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