It’s no surprise that with the improving economy almost every part of the Real Estate market is going up including mortgage payments.
In a recent report from RealtyTrac we know that mortgage payments rose 21 percent in the fourth quarter of 2013 to $865, from $714 in the fourth quarter of 2012, and that’s assuming that the home buyer purchased a median priced three bedroom home after obtaining a mortgage with a 4.46 interest rate.
Cause for Concern?
In a recent interview Darren Blomquist of RealtyTrac said this about home ownership in 2013-2014 ““The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed home ownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints”.
Regardless of what the financial industry thinks about home affordability and mortgage interest rates is it still a smart idea to buy vs. rent a home in Bend Oregon in 2014? The answer to this question is yes, buying a home vs. renting is still one of the best decisions that you can make for yourself because, with home ownership you will be able:
- Build equity.
- Pay less money for your home over a 10 year period vs. renting.
- Generate positive cash flow if you decide to rent your home.
Where Do You Want To Live In Bend?
Are you searching for a home at NorthWest Crossing, BrokenTop or any of Bend’s most well-known communities?
Let me help you with your home search! Call me today for a free Real Estate consultation and experience the difference that an experienced Bend Oregon Realtor can offer you.
Call me at (541) 383-1426 or click here to contact me through my website.
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