Hey John
It is great to hear someone is really watching the market. I personally do not think we have bottomed yet. I do think that the time to buy is now or in the near future though. Markets surprise us all the time. I really do believe and have told my adult children that they will never see these prices in their lifetime and should prepare to buy. Tehre are great deals out there and yur right they all are not foreclosures or short sales. Keep looking and when you find what you want grab it not because the market may go up but because you found a place you like.

John,

We are in a similar situation as you. We have moved here temporarily while we are investigating Bend, and searching for homes. The market in Bend has a huge number of foreclosures, and the numbers are rising, not subsiding. I noticed the Trulia has indicated that the median home price fell over 9% in the past THREE MONTHS. How's that for a decline!

We are now looking at renting for the immediate future while we wait for this market to slow down. Some RE agents say things like "I think we're getting near the bottom." The data is showing that home prices are declining more rapidly now than at any time. That is the opposite of approaching the bottom.

The reality is these distressed properties are pulling the rest of the RE market with them. So, you don't have to buy a short-sale or bank owned or auctioned property to get a deal. However, like I mentioned, prices are still declining very rapidly now. So today's (July 2009) deal may not look like such a deal in July 2010, or July 2012.

Hi John,
It really depends on the sellers situation. If the home is bank owned, it may take only 30-45 day. If it is a short sale, it could take up to 6 months. A conventional owner sale can close quickly, under 30 days if you are prepared to do so.
This is certainly the time for a buyer to reap the benefits of low prices and low interest rates!
Best of luck,
Leanne Johnson
Broker
Coldwell Banker Mayfield Realty
Certified Foreclosure Agent Specialist
leannej0903@yahoo.com
541-064-0898

I hear this question quite a bit now a days. The market is pretty interesting right now. Now that the market in many areas is driven by Foreclosures (REO) and Short Sales, time frames can be from one extreme to another. Short Sales can be done quickly some of the time. For example, if a Short Sale already has a negotiator it should lessen the time frame because there is already someone communicating from the bank. Short Sales can be weeks to months to get an accepted offer. Foreclosures are pretty much like buying a re-sale home. You can write a 30-45 day close on your offers and many times that is what happens. Good Luck
Lani
Realtor
John L Scott Remond
CDPE (Certified Distressed Proeprty Expert)
lanihotchkiss@johnlscott.com

Hello John,
Thank you for your question. I agree with the agent below. It all really depends on the situation. Some short sales can take a few weeks and up to a year in some cases. Bank owned properties are usually faster, about 30-45 days. If you would like me to email you some statistical reports, then please let me know. These reports are very interesting, and they provide information on the Central Oregon market, and what is happening under the current market conditons. Please send me an email to selenamcneill@yahoo.com and I can email you these reports back to you. If you have additional questions, or if you would like me to run some searches for you too, then please let me know.
Have a nice day!
Selena

Selena McNeill, Broker
Century 21 Gold Country Realty
550 NW Franklin Ave Suite 188
Bend OR 97701
Cell: 541-390-0595
Direct Fax: 1-541-982-2243
Email: selenamcneill@yahoo.com
Website: http://www.selenamcneill.com
Licensed Realtor in the State of Oregon, since 2004.

John - the answer is not so simple.... it all depends... the listing agent, the bank and the situation of the property all make a big difference in the process... A short sale can take weeks to months to close - a bank owned home is pretty much a 30 to 45 day process if the home qualifies for a loan.