For the past few years, it seemed like sellers held all the cards. Homes often received multiple offers within days, buyers waived contingencies, and negotiations were almost nonexistent. Today, the conversation is changing.

One of the questions I hear most often is:

"Is Bend becoming a buyer's market?"

The short answer is it's moving in that direction—but we're not completely there yet.

Like most things in real estate, the answer depends on price range, neighborhood, and property condition. Here's what I'm seeing across the Bend market.

Inventory Is Giving Buyers More Choices

Perhaps the biggest change over the past year has been inventory.

Buyers simply have more homes to choose from than they did during the frenzy of 2020–2022. More listings mean buyers can slow down, compare options, and make decisions without feeling like every home will disappear overnight.

That's healthy for the market.

More inventory doesn't automatically mean prices will fall dramatically. Instead, it creates a more balanced environment where buyers can find a home that truly fits their needs rather than settling because there were only a handful of options.

For sellers, it means standing out has become more important than ever. Pricing, presentation, and marketing all play a larger role when buyers have choices.

Negotiation Is Back

One of the clearest signs of a shifting market is that negotiations have returned.

Instead of submitting offers immediately above asking price, buyers are more comfortable asking questions and negotiating terms.

That may include:

• Repair requests
• Closing cost assistance
• Longer inspection periods
• Flexible closing dates
• Price adjustments after inspections

This doesn't mean every buyer will receive every concession they request. Well-priced homes in desirable neighborhoods still attract strong interest.

But compared to a few years ago, buyers generally have more leverage during negotiations.

Seller Concessions Are Becoming More Common

Another noticeable trend is the return of seller concessions.

Many sellers are helping buyers by offering:

• Credits toward closing costs
• Interest rate buydowns
• Home warranties
• Repair allowances
• Credits for flooring or cosmetic updates

These concessions can significantly reduce a buyer's upfront costs without requiring the seller to make a large price reduction.

Sometimes it's easier for a seller to contribute toward financing costs than to reduce the purchase price, making it a win-win for both parties.

Homes Are Spending More Time on the Market

The average days on market has increased compared to the fast-paced years when homes often sold within a weekend.

Longer marketing times shouldn't automatically be viewed as a negative.

Instead, buyers have time to:

• Schedule multiple showings
• Compare neighborhoods
• Review inspections carefully
• Make thoughtful decisions

For sellers, patience has become part of the process.

A home sitting on the market for three or four weeks today isn't necessarily overpriced. In many cases, it's simply reflecting a more normal pace than what we've experienced recently.

Interest Rates Continue to Shape Buyer Behavior

Mortgage rates remain one of the biggest influences on today's housing market.

Higher interest rates have reduced affordability for many buyers, causing some to pause their search or adjust their budgets.

At the same time, many homeowners with very low mortgage rates are choosing not to sell, limiting inventory in certain price ranges.

The result is a market that's finding a new balance.

Many buyers have also realized that waiting indefinitely for significantly lower interest rates may not be the best strategy. If rates eventually decline, increased buyer demand could create more competition and potentially push prices higher.

Every buyer's financial situation is different, which is why looking at the complete picture is more important than focusing on interest rates alone.

So... Is It a Buyer's Market?

The answer depends on where you're looking.

Some neighborhoods and price ranges are giving buyers considerably more negotiating power.

Others—particularly homes that are well-priced, updated, and located in highly desirable areas—continue to sell relatively quickly.

Rather than calling today's market strictly a buyer's market or a seller's market, I'd describe it as a more balanced market.

That balance benefits everyone.

Buyers have more opportunities to negotiate, while sellers who price their homes correctly and prepare them well are still seeing successful sales.

My Advice

Whether you're buying or selling, avoid making decisions based solely on headlines.

Real estate is local.

Conditions can vary dramatically between neighborhoods, price points, and even individual streets here in Bend.

If you're thinking about making a move, the most valuable information isn't what's happening nationally—it's what's happening in your specific segment of the Central Oregon market.

After nearly 20 years helping buyers and sellers navigate Bend's changing real estate market, I've learned that understanding the local data is what leads to confident decisions. Markets will always change, but having the right information at the right time makes all the difference.

If you're wondering whether now is the right time to buy or sell, I'd be happy to walk through your specific situation and help you understand what today's market means for your goals.