I had a client today ask me how bad the home prices in Bend, Oregon have fallen. I told him it depends on the location of the home in Bend, knowing that to be the case, but not really having the numbers to back it up. I knew, without checking, that Northwest homes had faired far better than the Northeast homes, but I wasn't exactly sure about the home prices in the Southeast and Southwest Bend area. So off to the MLS I went to run some reports.
Turns out Bend, Oregon median home sale prices have dropped 30% from January '08 to January '09. I was surprised to find out the Southeast median home sale price dipped only 14%, and that the coveted Northwest area came in at an 18% decline over last year. I was not surprised to discover that the Southwest and Northeast median home sales prices both fell 32% from last year. While none of this is good news for home owners, it shows the importance of location when home buyers are choosing a new home. These numbers prove the importance of location when shopping for a new home, and prove the importance of using a good Realtor® to help you in your decision making process. You can't completely mitigate your risk when purchasing a home, but you can definitely reduce it with a good agent.
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