4 Questions to Ask Yourself before Buying a Home in Bend

Buying a home

By Jason Boone

You’ve been renting a Home in Bend for a long time and want to become a homeowner but are you really ready to make the switch from being a renter to a homeowner?

Here are 4 questions you must ask yourself so you can know if now is the right time for you to buy a home or not.

#1 – Is My Credit Score Right For Buying A Home?

To buy a home in Bend during 2015 you must have a credit score which is 700 or higher.

Your credit score is the most important part of buying a home since the higher the credit score means you will be able to qualify for a loan with a lower mortgage interest rate.

Since a mortgage loan will most likely be one of the top financial obligations you take on in your life why not do the work necessary to build your credit score before making the commitment to purchase a home?

#2 – Can I Save Money and STILL Buy A Home?

Yes, you want to buy a home in Bend but will you still be able to save money after the purchase has gone through?

Before making the commitment to buy a home you must do your budget and confirm that you will be able to balance a house payment with saving money, paying bills and meeting all of your financial commitments in the future.

#3 – Have I thought About All Of The Additional Costs With Owning A Home In Bend?

Owning a home is awesome but don’t forget about all of the additional costs which come with home ownership each year.

It’s important for you to be prepared to pay for unexpected expenses like buying a new water heater or new roof for your home when they occur by establishing a savings account which you will use to save at least 4% of your home’s value each year for future expenses.

#4 – Am I Committed To Being A Homeowner?

Last of all, but most important, ask yourself if you’re really ready to become a homeowner because once you buy in Bend you won’t want to sell your home for at least the next 5 to 10 years or else you risk losing money in the long run on your investment.

To learn more about buying a home in Bend or to view the latest homes for sale across town contact me today by calling (541) 383-1426 or click here to contact me online.

Can You Buy A Bend Oregon Home While Leasing A Home?

submit offer bend oregon home

By Jason Boone

If you ask anyone who bought a home during 2014 they will tell you they couldn’t stay out of the Real Estate market thanks to low mortgage interest rates and great home prices.

Although it’s been tempting for many people to buy homes this year what about people who are leasing homes?

Can someone who is leasing a home still buy a home at the same time? The short answer is yes, especially when you follow these steps:

Step 1 – Review Your Lease

Inspect your lease immediately for terms and conditions regarding breaking your lease.

Many landlords will allow you to break your lease if you buy a Bend Oregon home so your lease documents should be the first place you look before moving forward.

Step 2 – Speak With Your Landlord

Ask your landlord if they will allow you to break your lease if they forego paying your security deposit back or if you pay them a couple of extra months of rent.

Most landlords will be happy when their tenants have bought their own homes and they will be willing to work with their tenants if the tenant is willing to compensate them financially for their losses.

Step 3 – Find another Tenant

Do you know of a friend, family member or associate who wants to move to Bend or is searching for a new place to live?

Ask them if they would be willing to take over your lease then refer that individual to your landlord.

This step is one of the easiest to accomplish and it will also save your landlord the time, money and hassle of having to advertise and meet with new tenants to rent out your condo, apartment, town home or house again.

You should also speak with a lender as soon as possible because the rent you are paying for your current rental could affect your debt-to-income (DTI) ratio since too much debt could make it harder for you to obtain financing for the home you want to purchase. 

For more Real Estate tips follow my blog today.

To learn more about the Bend Oregon Real Estate market or to view homes for sale in the area contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here to contact me through my website.

Should You Accept A Cash Offer On Your Home?

All Cash Offer - Jason Boone - Duke Warner Realty

All Cash Offer

By Jason Boone

As we wind down the year it’s still not uncommon for homeowners in Bend who have listed their homes for sale to receive cash offers.

Although one might think that your answer should be YES to receiving an all cash offer on your home the reality is that you should think about all offers first before making the decision to accept the cash offer.

Why Cash Offers Are Great

When you accept a cash offer on your home you won’t have to deal with the prospect of a buyer who doesn’t have a mortgage or has to wait to get pre-qualified for a mortgage loan.

Cash is king and you will have confidence that they will be able to back up their offer and close sometimes in as little as 6 days compared to 32 days with a traditional mortgage loan.

Before You Accept a Cash Offer

With historically low mortgage interest rates these days its more likely that you will receive financed offers versus cash offers for your home but if you do receive a cash offer you should take the time to evaluate both offers and determine which one will net you the most for your home. 

Let’s say you receive two offers; one is a cash offer while the other is a financed offer, but the financed offer will net you 30% more than the cash offer, which one will you choose? In this scenario it makes more sense to choose the financed offer versus the all cash offer.

To get more Real Estate tips and advice subscribe to my blog today or to view homes for sale in Bend contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by clicking here to contact me through my website or calling me at (541) 383-1426.

Encouraging Reasons to Buy a Home In 2015

buy a home

Home Buyers

By Jason Boone

In a recent study of homeowners across the United States 80% of current homeowners have said that they are considering buying another home in the future and close to 60% of homeowners who were surveyed felt that home ownership is one of the best long term investments you can make.

Home Ownership vs. 401K

As of 2014 most homeowners answered that they felt home ownership was better than traditional investment vehicles including the following:

401K – 52% of homeowners surveyed answered that they would rather invest in a home versus putting more money in their 401K.

Gold – 26% of all homeowners who were surveyed felt that owning a home was better than buying gold, and that’s shocking considering that gold has been a preferred investment for the last 14 years.

Homeowner statistics

Click to enlarge

Still the Best Investment for 2015?

What’s great about the Real Estate market as we head into 2015 is that both supply and demand for homes is normalizing across the United States and when you combine both of those factors with low mortgage interest rates it’s a great time to buy a home.

Home prices are still expected to increase by just 4% to 6% next year (2015) and many investors including Real Estate professionals are excited to see home price increases slowing down so that they are in line with income growth.

Learn More about Bend Oregon Real Estate

To learn more about the Bend Oregon Real Estate Market, or to view homes for sale in the area, contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by clicking here or calling me at (541) 383-1426.

Simple Tips For Avoiding Home Buyers Remorse

Home Buyer Remorse

Simple tips for avoiding home buyer remorse

Love Your Home and Avoid Buyer’s Remorse with These Simple Tips

By Jason Boone

As a long time Realtor I’ve met many home buyers over the years who suffered from home buyer remorse once they finally settled in the homes they’ve purchased.

The reality is that every home buyer can easily avoid falling into the buyer’s remorse trap by following these simple steps.

Step 1 – Know Your Home Buying Requirements

Is buying a home with 3 bedrooms, 2 bathrooms and a 3 car garage important to you? If so, don’t settle for second best and buy a home that is less than what you originally wanted.

Following this step is the easiest way to avoid home buyer remorse because, sticking with your buying requirements will insure that you walk away with a home you will truly love after your search is over.

Step 2 – Be In Unity with Your Spouse or Partner

If you’re married or have a significant other that you will be buying a home with it’s important to have unity on the home you purchase because, if you cave into your partners desire for a home that you don’t like this will only cause you to resent your home and possibly create a problem in your relationship.

Step 3 – Define What Is A “Should Have”

Although you’re determined to find a home which has everything you are looking for, it’s important to know what are your should haves because, you may find a home which has most of what you want and the other “should haves” can always be added later.

Step 4 – Don’t Lose Your Cool

Yes, buying a home can get rough, especially if you get involved in a bidding war, that’s why it’s important to know when to walk away from a home so you avoid overpaying.

Step 5 – Do Your Research and Avoid Home Buyer Remorse

Last of all, but most important, before submitting an offer on a home make sure you always do your research and know what a home is really worth before you submit an offer on it.

You should also be prepared to walk away from a home and avoid overpaying if a home needs a lot of work which would drive you far over your budget.

Ready to Buy In Bend?

Real Estate Agent

To learn more tips, or to view Bend Oregon homes for sale contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.

8 Questions to Ask Yourself before Buying a Home

Bend Oregon Home Buyer

By Jason Boone

Buying a home in Bend can be an exciting process but it’s important to move past the initial home buying excitement and focus on the actual work involved with buying a home by asking yourself these 8 questions.

Is Your Income Stable?

Lenders will first be reviewing your income before anything else because, they want to have confidence you will be able to make your monthly mortgage payments.

Do You Have A Steady Employment History?

You must have a stable employment history of at least two years with the same company.

What Is Your Debt To Income Ratio?

Your debt-to-income ratio must not be more than 30% of your monthly income.

Have Your Reviewed Your Credit Score?

Before applying for a mortgage loan make sure you pull your credit reports and review your credit score because, it’s important to confirm that the 3 major credit bureaus are reporting accurate information about you and you have a credit score which meets your lenders requirements.

How Much Money Do You Have Saved For Down Payment?

Are you able to put use a down payment of at least 20% of a home’s purchase price? 20% is ideal because, this what most lenders expect from someone who wants to purchase a home.

Is The Home You Want To Buy Worth The Sellers Asking Price?

Once you’ve been pre-approved for a mortgage loan it’s important to ask yourself if the home you want to purchase is worth the seller’s asking price. You can confirm its price by asking your Realtor to do a comparable analysis of other homes which have recently sold in the same area.

How Flexible Is The Seller When It Comes To Their Asking Price?

You should always have your Realtor ask the listing agent how flexible the seller is on their asking price because, they could want to stick to their price and be insulted if you submit a low ball offer.

Do You Know What’s Wrong with the House?

Although a home may look great on the outside it might have problems which you can’t see from the street that’s why it’s important to ask the seller what’s wrong with the home and ultimately have a home inspection done should you decide to submit an offer.

Learn More

To learn more about the questions you should ask before buying a home or to view the latest Bend Oregon Homes for sale contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or email me at Jason@sgbend.com.

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