(Updated: Adds video, comments from real estate groups and homebuyers)
BEND, Ore. (KTVZ) — From June to August of this year, Harcourt the Garner Group in Bend helped 79 families become homeowners. Since the beginning of the year, 153 sales have been recorded, an increase from 144 sales in the same period last year.
However, real estate experts predict the economy will slow as the 2024 elections approach.
“So we’ve seen an increase in sales this summer compared to last summer, which is great. But we’re on pause right now,” said Sherry Griffin, co-owner of Harcourt The Garner Group. says this.
However, real estate experts predict the economy will slow as the 2024 elections approach. Historically, election cycles bring markets to a temporary halt.
“I think it’s the fear of the unknown. People just want to see how this situation ends,” Griffin said.
While many people are holding off on making big purchases, experts suggest that now may still be the best time to buy a home.
“In the first week of October, we saw a 5% drop in loan applications across the country,” says mortgage advisor Jillian Corland. “That means there’s been a huge exodus of people who aren’t looking to buy homes. So there’s a lot less competition than there was before.”
Buyers can use seller credit to lower interest rates, Korando said.
“Even if interest rates are high, you can use these seller credits to buy down interest, cover closing costs, and make payments affordable. Each payment takes a few months and saves you about 4% each year,” Korando said.
Despite the early challenges, homebuyers feel the long-term benefits of homeownership outweigh the short-term costs.
Homebuyer Jennifer Hinsley said, “I feel like the risk of taking out a large loan in a market like Bend is still a great decision for my family because it allows me to recoup that payment and refinance and make a smaller payment.” This is because I want to be able to do so.” time. “
Despite uncertainty, history shows that markets often rebound, making it a favorable time for buyers to invest before prices rise. According to the National Association of Realtors, home prices have increased after national elections in seven of the past eight election cycles.
“Being in the real estate market or the mortgage market is not your full-time job, so I think sometimes it’s really hard for buyers to fully understand everything, so it’s great to work together,” Griffin said. is really important.” Whether it’s about loans, mortgages, or buying or selling, they’re experts who can walk you through the entire process and what different things mean. ”
