Is 155K too much in Redmond? (Bend, Madras: loans, real estate, rental)

[AnaheimDude07]

My wife and I are currently looking to purchase a manufactured home in Redmond. It's a few years old but it's one of the newer ones that look and feel more like an actual home rather than a doublewide mobile home. It' has a good size lot (about 1/4 acre) and it's mostly landscaped with sprinklers. Although the asking price is $155K, we both think it's relatively cheap considering we are moving from southern California where $155K won't even buy you a shanty in the desert, let alone a home with land.

I am concerned with the current state of the real estate market though. I know that in some markets the prices are falling and will continue to fall. I'm just worried that the house we buy for 155 now will be 105 a year from now. Should we wait and see if the prices drop any further or should we snatch up this house while we can?

[CHEWY12]

Originally Posted by AnaheimDude07

My wife and I are currently looking to purchase a manufactured home in Redmond. It's a few years old but it's one of the newer ones that look and feel more like an actual home rather than a doublewide mobile home. It' has a good size lot (about 1/4 acre) and it's mostly landscaped with sprinklers. Although the asking price is $155K, we both think it's relatively cheap considering we are moving from southern California where $155K won't even buy you a shanty in the desert, let alone a home with land.

I am concerned with the current state of the real estate market though. I know that in some markets the prices are falling and will continue to fall. I'm just worried that the house we buy for 155 now will be 105 a year from now. Should we wait and see if the prices drop any further or should we snatch up this house while we can?

The Bend/Redmond real estate market is way over priced. I lived there in 05-06 and saw home prices go up 35% and more for site built houses.

If I was thinking of buying a house in this area I would stop at the county's web page first and look up the history of that propety. then you could see for your self how overheated this area has become.

In early 05 a 1100 sf 3/2/2 built new sold for 89k sellers are now wishing for 200k. Home values will go down the deeper we go into this recession.

I know that this seems cheap compared to your current location but the local
economy does not support these high prices. This includes the Hwy97 corridor
from LaPine to Madras.

Good luck to you
Chewy

[mdvaden]

Several sources have informed me that in Oregon, several areas are doing fine and that prices are not dropping - sales starting to pick up pace.

I suppose you may as well compare local prices with local prices.

There are those who may wait for prices to drop. And some people who have done that, also experienced higher interest rates.

Neither one is a know for certain piece of future.

[tiffela74]

Bend is one of the most popular areas to move to now, Redmond is right by Bend, so many people are looking "outside Bend" and going into Redmond. My folks are some of them! Im not realtor or professional, but from what Ive heard in the last 2 yrs or so, is Redmond is fast upcoming and going to be going nowhere but UP UP UP on real estate prices. Again, dont go with just what my opinion is, this is just what Ive heard from my folks and those people I know in both Redmond and Bend.
btw, if you dont go for it, and its at least 2bdrm, please PM me, my folks might be interested! Theyve been looking for a good year now!
also, keep in mind if youre looking for resale value, the manufactured homes dont do as well in appriciating as the stick built. Most banks wont loan on any more than 10yrs old.
Good luck to you!
Tiffany

[Kathleenh54]

Nobody can realistically predict what will happen in the real estate. Too many different factors involved. My advice would be that if you need to move, like the home and have the money, just do it. You need a place to live and if it doesn't appreciate in a year, that's okay if you aren't planning to move.

[andystearns]

the key with mfd homes is to look at the land they are on. The home itself generally loses value faster than a stick home, in real estate it is really the land that is gaining value not the house. Manu homes can be harder to finance and lately require the borrower to live in the home. This make them harder to buy and sell because "investors" can't use them as rentals because they can't get loans on them. The greatly reduces your pool of buyers when it is time to sell. The price doesn't seem bad for Redmond, however I am aware of many stick built homes in Redmond for under 200.

[Lmcat]

We lived in Aspen Creek from 1997 to 2006 when we sold and moved south to retire. Aspen Creek was converted from a MFP to a MF subdivision and we wished that had happened years earlier as they raised our rent every year. We would never buy a manufactured home unless we owned the land.
As for manufactured homes - ours was a Fuqua and we never had any problems. In fact, we have had more problems with our newly built stick house here.

[lookn2move50]

I would be leary of buying a mobile home in Redmond. They are shutting down all the mobile home parks here in Bend. The city won't allow a very old one to be moved anywhere even your own property for that matter! Watch that Redmond becomes like it in the near future! Tragic to those who can't afford to move their home somewhere but to the dump. I was forced out of one myself. Besides, mobile homes depreciate and I can't forsee anyone coming out ahead in that game!

[Clrknclrk]

Hello,

I moved to Redmond two years ago. When we first arrive here, it was difficult to find a decent home that wasn't over 300k. We bought ours for 285k in April of 06. Since that time three other homes next to us, that are also new, sat there unsold. They dropped the price 60k and just finally sold the homes. The house across the street from us paid 315k two years ago, today the exact same house sold for 220k. As you can see, the prices have gone down.

[John Shaft]

IMO Bend-Redmond real estate is really hurting--probably not in "free fall" like Cali, NV, etc., but not too far off. The 155K price might have that already factored in...I'm almost surprised to see that for .25 AC. Depends on the location I guess.