Is our housing market crazy? Yes it is…

Dear Property Guy:

What is happening in Central Oregon? I have lived here all my life and have been renting a long time. It’s basically impossible to find a rental. Did I miss something?— Bend Local

Dear Local:

It’s not your imagination. You are right now experiencing the reality of some pretty big social shifts. People are leaving big cities for places like Bend. Other cool cities like Boise, Laramie, and South Jordan are experiencing the same thing. The result is locals getting pushed out by new arrivals, rising prices, and new construction not keeping up with demand.

My crystal ball doesn’t show what the future will hold. But I do know that over the past several months we’ve definitely had a sharp run-up in both rental rates and housing prices. I’ve also seen reduced supply for both, with houses receiving multiple offers and going pending in days. Rentals aren’t lasting long on the market either.

The only thing I can offer you is the assurance that it’s a crazy housing market out there, and it’s not just you… It’s a Bend thing. And a Redmond thing. And a Sisters thing.

— Mike

Dear Property Guy:

We’re taking off for Hawaii this winter. We were thinking of renting our house out while we are gone. What do you think?

— Sisters Snowbird

Dear Snowbird:

If you can make it work for you, furnished monthly-rentals are pretty hot items. Not only for people who want to come here to vacation or to check it out, but also for people who are moving to Central Oregon and need transitional housing.

Renting your personal residence is kind of a big deal, so think hard on it. I personally wouldn’t want strangers sleeping in our bed, but everyone has their own level of comfort for that sort of thing.

You will also need to decide if you want to rent it on a monthly basis or as a short-term unit. Either way there is good demand for situations like this. You’ll also need to think if you want to do it yourself or hire a pro. Remember, if you are in the city of Sisters and want to rent it as a short-term (less than 30 days) rental, you’ll need the golden-ticket permit from the city and to pay the appropriate fees.

— Mike

Mike Zoormajian is principal at WetDog Properties in Sisters, providing property management and investor services. Questions, comments to: [email protected] Free legal advice is worth what you pay for it. Consult an attorney before doing anything crazy.