Recently the Bandon real estate market has taken an uncomfortable dive. Prices are now down approximately 30% on average from the top of the market (2005-ish). Will they go lower? Probably, but does that mean that it's not a good time to purchase real estate in Bandon? Not necessarily. There are so many ways today to purchase real estate that makes a good investment even better. Purchasing short sales, using foreclosure auctions and looking out for newly listed REO ("real estate owned" by banks) properties can save you a load of cash when closing escrow. The best way is to find a property you love, and go after it. Even traditionally listed properties can be purchased for WAY below the value that the county assessor has assigned it and way below the list price.
If you are in the real estate market today and looking for a place to put money for the long-term investment, it pays to shop around. Be patient. Properties can be purchased for surprisingly low numbers. Take it from me; despite what you hear to the contrary ("My seller holds a hard line." and "The seller won't consider anything under $ X."), sellers want to see all offers. When no offers are made on a property, a seller has no way to become educated about the public's assessment of value for their home. Each offer that comes in for a property is an indicator of a proper sale price that the seller needs to see. It will reinforce knowledge of the buyer's mindset and opinion of what the property is worth. In the long run, a seller is well advised to price a property within a range the market will bear. Otherwise, they are wasting their time.
You might be thinking, "duh" at this point, but I assure you that I see misinformed and misguided sellers every day. When we stop to analyze the new listings coming up in Bandon, we realize that sellers are not being told the absolute truth about the market today. Agents are listing property way too high, which is disingenuous - a property owner should be told exactly what the market is doing. If that means that an agent must tell them that their property will end up selling for 60% of what a seller wishes for, then so be it. Sometimes, and agent's job is to communicate the unpleasant facts of the local real estate market.
So when searching for property, do a thorough market analysis of comparable sales. Don't use listings. What does a listing tell you about what property is selling for? Nothing. A listing is NOT a sale. Take into consideration any unique features of the property you wish to purchase, and those of the comparable sales that you have found. And above all, make sure you are comfortable with the price you are offering. After all, it's your money.
The majority of property on the market today are distressed properties. There is very little incentive for an owner to sell in this real estate market, and if they are selling now, there is likely an unfortunate reason. If they purchased the property within the last 6 years or so, they will likely be losing money off of any sale. What is driving these sellers to list is simple: they need financial security. Selling a home makes the bills easier to pay, and lessens debt. Think of all the ways a property can be distressed...payment difficulty, short sale, foreclosure, pre-foreclosure, REO, need to move for a job...a regular seller will have to compete directly with all of these.
Another gorgeous new home just sold at Bandon Commons! This virtual tour video is a bit shaky, but still shows how gorgeous the homes at Bandon Commons are. New reduced prices, too! The best deal in Bandon, these homes are just a few minute walk from beach access, the city park, library and live theater.
There are eight (8) more homes available in this neighborhood (out of 32 original homes). Prices range from $270,000 to $310,000, depending on location. For showings, please call our office at 541-347-5100. United Country - Bandon has extensive knowledge of the Homeowner's Association, Bylaws, and CC&R's.
Written by: Rushel Reed, Principal Broker
It seems that the pattern we've been seeing in real estate is holding. Properties are selling quickly in the Under-$150,000 range. We are also seeing action on higher priced properties that are priced within the $140/sq ft. range as well. Below are the sold properties in the Coos County area for the week of February 23 - March 1.
|Location/Property Type||Original List Price||Current List Price||Sold Price||Days on Market|
|2bd/1ba MFH Coos Bay||27,500||19,900||18,000||412|
|2bd/1ba MFH Coos Bay||59,000||33,000||31,000||508|
|1bd/1.5ba Fixer, North Bend||69,900||69,900||64,000||49|
|3bd/1ba, North Bend||89,900||84,900||70,000||53|
|3bd/1ba, Coos Bay||94,500||82,500||75,000||49|
|3bd/2ba, Coos Bay||137,000||119,900||114,900||93|
|3bd/1ba, Coos Bay||149,900||149,900||148,000||49|
|3bd/2ba MFH, Coos Bay||159,950||159,950||156,900||82|
|3bd/2.5ba, Coos Bay||163,400||163,400||160,000||6|
|3 Unit Rental, North Bend||150,000||150,000||150,000||5|
Written By: Rushel Reed, Broker
"SOLD" tells it all.
Looking over the listings that sold last week, a trend becomes increasingly clear: consumers are looking for a deal, and $150,000 or below is where a property owner gains the attention of buyers. Take a look at the sold data for the week of February 16-22, 2010.
|Location / Property Type||Original List Price||Current List Price||SOLD Price||Days on Market|
|3bd/1ba on city lot||$89,500||$89,500||$72,000||155 (5+months)|
|2bd/1ba on city lot||$145,000||$119,000||$110,000||373 (over a year!)|
|2bd/1ba on city lot||$139,000||$139,000||$135,000||12|
|Commercial Lot||No data||$85,000||$60,000||185|
|4bd/3ba on city lot||No data||$305,000||$305,000||141|
|1bd/1ba on city lot||No data||$119,000||$110,000||808 (2+ years!!?)|
Of particular note is that with one exception, the sold properties in Coos County are priced significantly under $150,000. Again with one exception, these properies are residential.
We keep hearing, even from other real estate professionals, that this is a "lousy market". Here at our office, we're not so sure. There are two sides of eacj real estate market, and this market is an exciting one. Buyers who were priced out of the market in the last five years (especially in the Bandon area of Coos County) are now able to step in and purchase homes. The difference is that these buyers are savvy and informed, making sellers take a hard look at pricing their properties realistically.
Property is selling.
Written By: Rushel Reed, Broker
Congratulations to United Country - Bandon! Escrow has now closed on a single-family, detached home in Coquille.