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    • Kerry O’Neal, Principal Broker
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Government Funding for Your Home Improvements

By Kerry ONeal

If you’ve been contemplating home improvement, especially those that help the environment while reducing monthly expenses, this is a great year to get started on them.

In 2002, Congress passed the Inflation Reduction Act (IRA) which dramatically increased the tax incentives on many home improvements related to energy savings. In Oregon, we’re fortunate to have a non-profit organization that can not only help you navigate through some of these potential savings, but in many cases, add cash incentives themselves. EnergyTrust of Oregon helps businesses and individuals save on their energy costs and improvements and they are a great resource when evaluating some of the Federal incentives that you may be eligible for.

With the passing of the IRA, you may be eligible for up to $14,000 via the “high-efficiency electric home rebate program.”

Income caps apply, but you may get to that maximum by buying efficient, electric appliances: $1,750 for a heat pump water heater, $8,000 for a heat pump that heats and cools their home, and $840 for an electric stove or an electric heat pump clothes dryer.

You can also get rebates on non-appliance upgrades such as $4,000 for an electric load service center upgrade; $1,600 for insulation, air sealing and ventilation; and $2,500 for electric wiring.

In most instances, rebates can be combined with tax incentives plus other cash incentives from place like EnergyTrust, so the savings to homeowners is really significant.

Pro Tip: To get the maximum savings out of these programs, phase your improvements over a few years when practicable. That’s because of the annual limits on savings. For instance, windows are capped at $600, but that cap renews every year for the next decade or so. By phasing your improvements you’ll be able to save money each and every year.

Filed Under: Blog Posts, Buyer Tips, Homes, Member News, News, Resources Tagged With: Market Update, real estate

Certified Residential Specialist (CRS)

By Catherine

Strategic Realty actually has TWO brokers who hold the Certified Residential Specialist (CRS) Designation. The CRS designation is the highest credential awarded to residential sales agents, managers, and brokers.

What is a CRS?

A CRS REALTOR® is a Certified Residential Specialist—one of the top 3 percent of real estate agents in the U.S. CRS agents have more experience and training than the average REALTOR® and are part of a community of REALTORS® dedicated to improving the real estate industry for homebuyers and sellers everywhere.

Why Work With a Certified Residential Specialist Agent?

Buying or selling your home is one of the biggest and most important decisions you’ll make in your lifetime. You need someone you can trust by your side, who is looking out for your best interests and is willing to put all their knowledge and experience to work for you. You need a CRS.

Not all real estate agents are made the same: There are millions of real estate agents out there, and their experience and dedication to their profession and clients varies widely.

The threshold to becoming a real estate agent is surprisingly low. Requirements vary by state, but some ask for as little as 40 hours of training and few ask for more than 100 hours—compare that to the 1,000 hours that are typically required to become a hair stylist.

To become a CRS, however, REALTORS® must meet a number of stringent requirements that combine advanced hours of education and training, experience and success in the marketplace. A CRS agent adheres to a strict code of ethics that binds them to perform in the best interest of their clients at all times.

CRSs are required to have between 25 and 150 transactions and between 16 and 80 additional hours of education beyond what’s required of the typical REALTOR®.

These are agents who are invested in their careers, in buying and selling real estate and in making sure their clients are satisfied. CRS is the sign of a true real estate professional.

Don’t work with the rest, choose the best. Choose a CRS.

The Benefits of Working with a CRS Agent

  • CRSs receive advanced training above and beyond what is required of typical agents
  • CRSs have proven experience through logged transactions
  • CRSs continuously improve their skills and learn about new regulatory developments
  • CRSs adhere to an ethics code not required of other agents

Filed Under: Blog Posts, News, Resources Tagged With: real estate

Homeowners Still Have Positive Equity

By Catherine

If you are a homeowner, you should have noticed a huge boost in your net worth over the past couple of years. Most people have noticed the rising prices and, last year, you knew about the low interest rates. Although prices are softening and interest rates have gone up, a lot of homeowners still have substantial equity in their homes. Here’s how it happens and what it might mean for you, even as we see the changes in the market.

Equity means the current value of your home minus what you owe on the loan.

Over the last few years, with inventory as low as it has been, there was an imbalance between the number of homes available and the number of buyers that were searching for a home to buy. The low inventory and demand caused housing prices to skyrocket in Central Oregon.

And while home price appreciation has moderated this year, and even depreciated slightly in some overheated markets, that doesn’t mean you have lost all the equity you gained during the major Seller’s market we are all adjusting from.

The latest Homeowner Equity Insights from CoreLogic finds the average homeowner equity has actually grown by $34,300 over the past 12 months.

So, despite the headlines, the average homeowner still gained positive equity over the last year in most markets. Keep in mind that the gains may not be as drastic as they were in April or even May, but they are still significant. Another thing to note is the longer you have owned your home, the more equity you may have in it!

What Does This Mean For You?

Equity, of course helps you increase your overall net worth, but it can also help with other goals, like buying your next home, buying an investment property, and making major home improvements. Selling your current home could result in more cash from closing to provide you with a largerdown payment, or cash for other uses!

If you have been on the fence about wether or not you should sell, because you weren’t sure what the news has meant for you or your situation, you can take a deep breath. You likely still have substantial equity and we are here to help you know just how much might be there for you.

Bottom Line

If you are considering a move, the equity you’ve gained over time can make a big impact. To find out just how much equity you have in your current home, and how you can use it to fuel your next purchase, give us a call.

Filed Under: Blog Posts, News, Resources Tagged With: Market Statistics, Market Update, real estate

All Eyes on Central Oregon Statistics

By Kerry ONeal

I had the distinct pleasure of attending a one-hour continuing education class this past week on Valuation Process and Adjustment Methodologies. It may sound a little dry, but when the market is shifting, as is the case now, we all turn to metrics and statistics to make sense of it. The class was hosted by Deschutes Title and presented by Donnie Montagner. The former name is that of Central Oregon’s last locally owned title company..and the latter name should be familiar to anyone who watches the Central Oregon real estate market closely. Donnie Montagner heads up Beacon Appraisal services, and his “Beacon Report” is often cited as an independent gold standard in reporting the local market trends.

The class was well-attended by real estate brokers and appraisers alike. We quickly went over some cost, income, and sales approach strategies and then dove into the deeper weeds of paired analysis, ratio studies, binomial regressions and the like. Appraisers have the challenge of turning what brokers do as an informed guess into a distinct science. As one appraiser mentioned in the audience, “Houses come in red, yellow, brown and blue…but banks want us to turn it into black-and-white…and they don’t like gray.” (I should have gotten his name, because I’ll probably use his words throughout the rest of my career.)

Throughout the class, one theme that kept reemerging was the market’s rapid change. A fact that Donnie reflected on with a sense of glee. When what you do for a living is mostly measuring a trend, it is somewhat exciting when it switches direction. Many of the real estate brokers’ questions centered around what could be divined from the appraisers’ data, and the appraisers’ answers reminded the brokers that we are all working with the same data. And in the appraisers’ case, they are more interested in what happened than what’s coming.

The market is changing, and that is exactly what interest rate hikes were supposed to accomplish. Now how much the market has changed is just now coming into focus, and where it will go next is anyone’s guess. Many real estate brokers talk as if the world is shifting under their feet, and sometimes that itself can have an effect on consumers’ confidence. But we all must remember that real estate brokers were building their companies over the last two years to handle the onslaught of transactions that no one predicted coming out of the COVID-19 response. Any return to a more normal market is going to create a some slack in those systems, and may feel like a more dramatic shift than it really is.

I’ll borrow some of Donnie’s data to illustrate the point. One of the sentiments you hear from brokers recently is how rising interest rates have decimated the number of real estate buyers in the local market. Below are monthly sales numbers for the Bend single-family house market from Donnie’s Beacon Report. I’ve overlayed the average weekly rates for a 30-year mortgage.

Did you spot the decimation? Neither did I.

Do I believe the market is changing? Absolutely. But the magnitude does match up with the mourning. Not to say that a market can’t turn quickly. We certainly saw that in 2008, and I’m not convinced that it can’t happen again. We continue to watch everything very closely. If you have any questions about the market, statistics, or how your home value might be affected, please don’t hesitate to reach out.

Filed Under: Blog Posts, News Tagged With: Market Statistics, Market Update, real estate

Thinking About Selling This Fall? Five Reasons to Act NOW!

By Catherine

If you are considering selling your home you may be wondering why now would be the best time to list. Well here are some reasons why selling your home this fall makes the best sense!

Demand The latest information we have received from the National Association of Realtors tells us that the demand for housing is staying strong and the buyers are ready, willing and able to purchase…and the buyers are out hunting NOW! We are seeing more situations were buyers are looking at the same homes and competing with each other. Why not take advantage of this activity in our market?

Quicker Process With the amount of buyer competition, most will go out of their way to stand out in this market, including getting pre-approved which can make the process so much quicker as buyers already know exactly how much they will be approved for before they start shopping for a home. 

Less Competition With just over 3 months of residential inventory in Deschutes County your home will get noticed! There are simply not enough homes for sale for the buyers in our area! This is great news for homeowners thinking about selling. Don’t wait until everyone hears this news before you make your choice to list.

Looking To Upgrade? With home prices still high you may be able to sell your home and upgrade. There is more inventory in the higher price ranges and they tend to stay on the market longer, giving you time to sell your current home and get ready for the upgrade of your dreams.

Why Are You Wanting To Sell? Take a hard look at the reasons you may be considering selling your home. Is it worth waiting? You are the only person that can answer this question. If it’s time to sell, you can take control of your situation and call us today for a free Comparative Market Analysis. Strategic Realty, LLC has the knowledge, experience and determination to get you the best price on your home in our current market. Call us today for more information 541-595-8444.

Filed Under: Blog Posts, MarketSnaps, News Tagged With: Market Statistics, Market Update, Sellers

Bend the “Next Big City For Entrepreneurship”

By Catherine

Entrepreneur Magazine again praises Bend, Oregon in its most recent article: “Why Bend, Oregon is the Next Big City for Entrepreneurship.”  The article highlights the perks of this beautiful area including the scenery, activities and creative locals.  The author also discusses the growth of technological companies in the area which attribute to Bend becoming the next big city for entrepreneurship.

Read more at: http://www.entrepreneur.com/article/223997#ixzz2ehViS7LW

Entrepreneur Magazine

Filed Under: Blog Posts, News

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