With housing prices on the rise and home sales booming, buying an investment property in Central Oregon looks as appealing as ever with the low-interest rates. A little over a year ago, NerdWallet predicted that the state would experience a strong housing recovery, which has come true.
Sunriver is a community that attracts visitors from all over the country but primarily from west coast states including California, Washington, and Idaho. One of many reasons people are drawn to the Sunriver area is because it’s located only 20-minutes from Bend, Oregon. Both towns are known for offering a healthy, attractive lifestyle that includes unlimited outdoor recreation as well as great restaurants, craft breweries, and family activities.
Investors deciding between Bend and Sunriver are often surprised to learn that the smaller of the two, Sunriver, is more expensive than Bend. “Median home values in Bend are currently $375,800 as compared to Sunriver, which are $421,750.” Says, Mark Halvorsen, Principal Broker with Village Properties at Sunriver. Buyers looking to invest in a vacation rental property will find Sunriver attracts a steady stream of vacationers throughout the year.
In fact, buyers coming from cities and towns with much higher real estate values, often buy two homes when moving to Oregon. For example, Sunnyvale, located in the heart of California’s Silicon Valley was once a charming town surrounded by orchards. Today, its median home value is $1,469,000. With numbers like these, the idea of buying more than one home is a real possibility. Remember, there is no sales tax in Oregon and that makes it a popular destination for long- and short-term renters.
In 2016, CNN reported Oregon as winning the number one spot for one of the top moving destinations in the nation for the third year running. Ask anyone who has moved to Oregon over the last decade and more likely than not; they will tell you they came to visit, fell in love, and then decided to move here for the lifestyle, the delightful people, and the great weather. Oh, and the fact that towns like Bend, Sisters, Sunriver, and Redmond are downright dog-friendly with several local businesses that allow dogs at the office.
For investment buyers looking to acquire a vacation home or a long-term home rental, now is the time to buy before the market completely tips toward sellers. Whether you plan to vacation in Sunriver or buy an investment property in Central Oregon, the real estate professionals at Village Properties are here to assist you.