By Jason Boone
BEND, Ore. – One of my favorite cop shows is Dragnet and Detective Joe Friday who coined the phrase “just the facts”.
When it comes to Bend Oregon Real Estate we’ve seen a lot of people telling us facts over the last 12 months that just aren’t true and those facts may be stopping you from buying a home.
In this post I will share with you some of the most common “facts” that you’ve probably heard and I will let you know if those facts are indeed truth or fiction.
Bend Oregon Real Estate Is Overvalued
FALSE – Although we’ve seen the local Real Estate market enjoy HUGE gains over the last 24 months home prices here are not overvalued because price appreciation is right in line with wage growth and demand across Bend.
There are still also plenty of affordable properties for sale to be found in Bend, Sunriver, Redmond and Prineville plus thanks to low mortgage interest rates, home ownership is still within reach of the average Central Oregon resident.
New Homes Are Not Being Built
FALSE – Right now we are seeing huge growth in home construction across Bend and Central Oregon, so much growth that most builders are actively searching for skilled tradesmen and women to help build Bend Oregon Real Estate.
Some Homes Are Worth More than Others Because Of {XYZ Reason}…
FALSE – Sorry! Even though we are enjoying a hot Real Estate market right now one home is not worth more than the other because of the renovations or improvements that the owner made, a home is only worth more than another comparable home because of what a buyer is willing to pay during the present Real Estate market.
The process of determining a home’s value is also based on the lenders appraisal so there is more to a home’s value than just the recent renovations or improvements that the buyer made to their home.
Mortgage Interest Rates Are Going To Fall
FALSE – Since the Federal Reserve stopping purchasing mortgage backed securities over 12 months ago mortgage interest rates have hovered near 4% but they are predicted to increase to at least 5% by the end of the year so the best time to buy Bend Oregon Real Estate is right now while rates are still low.
Did you know that a 1% increase in mortgage interest rates means you could be paying up to $145 more per month or $100,000 more over the lifetime of a 30-year mortgage loan? This is assuming that you’re purchasing a Bend Oregon home that’s at least $300,000.
Buy Bend Oregon Real Estate
To get started with buying a home in Bend Oregon contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here to connect with me through my website.
