By Jason Boone
BEND – Thanks to the recent CoreLogic Price Index Report we know that the Real Estate market had huge growth in May 2015 as home prices rose 6.3 percent, year-over-year, while the mortgage interest rate for a 30-year fixed mortgage loan remained below 4 percent.
Great Time to Buy a Home Right Now
The Core Logic Price Index report also confirmed that they expect home prices nationwide to increase by another 5.9 percent from May 2015 to May 2016.
With more home price increases predicted this means that right now is a great time to buy a home because mortgage interest rates are also predicted to increase over the next year and you could literally save hundreds of dollars per month off your mortgage payment if you decide to buy a home right now.
CoreLogic Price Index Report Short Term Projections
In the coming months CoreLogic also predicts that we will see a short term increase in home prices of at least 0.9 percent, and with inventory tight in many locations across the United States, including Central Oregon, you can expect to see multiple offers on homes for sale, so it pays to act fast and be ready to buy when the right property becomes available.
New Construction Up 23 Percent Nationwide In Last Year
Another encouraging statistic from the CoreLogic Price Index Report is that new home construction nationwide is up 23 percent in the last year.
This is great news, especially for first time home buyers because, as more new home inventory becomes available, existing homeowners who have been waiting to sell over the last four years will finally list their homes and first time home buyers will have a greater supply of inventory to choose from.
To learn more about homes for sale in Bend Oregon, or to speak with me about listing your home for sale, contact me today by calling (541) 383-1426 or CLICK HERE.